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FX SUMMARY- USD pare some gains


A calmer start for FX as we start the week and attention turning squarely towards ECB meeting and US CPI, both released on Thursday.

  • The Dollar was mostly better bid overnight, with risk tilted to the downside, following G7 ministers agreeing on a minimum 15% corporate tax.
  • USD has given back of of its gains, as Equities edge back to flat during our morning European session.
  • NOK, SEK, AUD and JPY are trading in the Green at the time of typing.
  • AUDUSD hovers near session high at 0.7750, buoyed by S&P's rating, revising the long term outlook for the country to stable from negative.
  • NOK leads against the greenback in G10, albeit just up 0.28%, despite lower Oil.
  • WTI is seeing a corrective pullback towards %69, after hitting highest levels since 2018 at $70 overnight.
  • The British Pound is struggling somewhat, down versus all majors,
  • Focus for the UK going forward will be on the re-opening date of the 21st June, with some news report that the government is considering pushing back the next set of lifting of restrictions to July 5,
  • A date by when over 40s are expected to have had their 2nd vaccinations.
  • Looking ahead, no tier 1 data are scheduled
  • Speakers sees BoE's Breeden speaking on Greening the Financial System, while Fed speakers are now on blackout period.
  • ALL EYES are on Thursday's event/Data.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |