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FOREX: USD Off Late Monday Lows, Awaiting Fed Cues

FOREX
  • The greenback is firmer within a range early Tuesday, helping ease major pairs off the late highs posted on Monday. EUR/GBP trades either side of the 1.0725 handle, while GBP/USD is back below 1.27.
  • Data so far today was oriented around Europe, with Eurozone CPI unrevised in the final reading at 2.6% Y/Y for May. Germany's ZEW survey was lower-than-expected, however, but added little weight to the single currency.
  • The CHF is the session's best performer, despite global equities trading well. Moves come ahead of this Thursday's SNB rate decision, at which markets remain evenly split on expecting either a rate cut or hold - but today's further strength would provide more space for easier policy ahead.
  • Focus for the duration of the Tuesday session turns to May retail sales data from the US and the industrial production release. Markets expect advance retail sales to have accelerated to 0.3% on the month, from 0.0% in April.
  • Central bank speak is busier, with  ECB's Vujcic, Cipollone, de Guindos & Knot as well as Fed's Barkin, Collins, Logan, Kugler, Goolsbee & Collins. 
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