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Markets remain relatively quiet to start the week as investors turn their attention to the European Central Bank’s annual Forum on Central Banking in Sintra that will kick off with ECB President Christine Lagarde’s speech at 1730 GMT. The US economic docket will feature the Federal Reserve Bank of Dallas’ Texas Manufacturing Survey. Germany’s IFO Institute will also release business sentiment data for June.
Over the weekend, tensions between the Wagner mercenary group and Russian President Vladimir Putin eased after the sides reached an agreement late Saturday. Meanwhile, âChina needs to step up measures as soon as possible to bolster a faltering post-COVID recovery in the world’s second-largest economy,â said Ning Jizhe, deputy head of the economic committee of the Chinese People’s Political Consultative Conference (CPPCC). Nevertheless, S&P Global announced that it lowered its forecast for Chinaâs Gross Domestic Product (GDP) growth to 5.2% from 5.5% this year. Following these developments, investors seem to have adopted a cautious stance early Monday, with US stock index futures trading modestly lower on the day.
The ECB’s forum is entitled âMacroeconomic stabilisation in a volatile inflation environment.â Many prominent central bankers, including FOMC Chairman Jerome Powell and Bank of England President Andrew Bailey, will be speaking at this event later in the week.
The US Dollar Index, which snapped a three-week losing streak on the back of a strong rebound seen in the second half of the week, stays in a consolidation phase below 103.00 and the 10-year US Treasury bond yield is down more than 1% below 3.7% in the European morning.
EUR/USD holds steady at around 1.0900 early Monday after having registered small losses last week.
GBP/USD came within a touching distance of 1.2700 during the Asian trading hours on Monday but managed to stage a rebound toward 1.2750.
The Summary of Opinions of Bank of Japanâs (BoJ) June policy meeting showed that policymakers thought that the BoJ must consider reviewing the Yield Curve Control strategy at an early stage, while maintaining easy monetary policy. USD/JPY stays under modest bearish pressure early Monday and trades in negative territory at around 143.00.
Gold price benefits from retreating US yields and rises toward $1,930 in the European session after having lost nearly 2% last week.
Bitcoin edged lower over the weekend but managed to hold comfortably above $30,000. Ethereum stays in a consolidation phase near $1,900 on Monday following last week’s rally that saw ETH/USD gain more than 10%
EUR/USD is hovering around 1.0900 at the start of the new trading week on Monday. The pair is holding last week’s corrective downside, allowing traders to take a sigh of relief amid a broad US Dollar retreat. Focus shifts to Germany’s IFO survey for fresh trading impetus.
If the pair continues the uptrend to the range of 1.0960, it is expected to continue the uptrend to the range of 1.1028.
On the other hand, If the pair continues the downtrend to the range of 1.0835, it is expected to continue the downtrend to the range of 1.0778.
USDJPY
USD/JPY rebounds from intraday low but fails to gain upside momentum around 143.50 during early Monday. In doing so, the Yen pair prints the first daily loss in three while retreating from the highest levels since November 2022.
if the pair continues the uptrend to the range of 144.14, it is expected to continue the uptrend to the range of 145.25.
On the other hand, If the pair continues the downtrend to 142.34, it is expected to continue the downtrend to 141.92.
If the pair continues the uptrend to the range of 1.2789, it is expected to continue the uptrend to the range of 1.2823.
On the other hand, if the pair continues the downtrend to 1.2683, it is expected to continue the downtrend to 1.2649.
AUDUSD
The AUD/USD pair attracts some buying on the first day of a new week and recovers a part of Friday’s heavy losses to its lowest level since June 8. Spot prices climb back closer to the 0.6700 round-figure mark during the Asian session, though the uptick lacks bullish conviction.
If the pair continues the uptrend to the range of 0.6703, it is expected to continue the uptrend to the range of 0.6742.
On the other hand, if the pair continues the downtrend to 0.6637, it is expected to continue the downtrend to 0.6598.
XAUUSD
Gold struggles to defend the corrective bounce off a three-month low marked in the last week, retreating from intraday top of late, amid mixed concerns about Russia and China.
If the pair continues the uptrend to the range 1935.44, it is expected to continue the uptrend to the range of 1950.08.
On the other hand, if gold continues the downtrend to the range of 1908.17, it is expected to continue the downtrend to the range 1895.54.
