Forex news from the European trading session - 4 June 2021
Headlines:
- Fed's Powell: Climate change poses a profound challenge for the global economy
- Bitcoin stays on the defensive after Elon Musk's tweet earlier in the day
- Eurozone April retail sales -3.1% vs -1.5% m/m expected
- UK May construction PMI 64.2 vs 62.0 expected
- Russia's Novak: Russia compliance with OPEC+ pact close to 100% in May
- Germany reports 3,165 new coronavirus cases, 86 deaths in latest update today
Markets:
- JPY leads, CAD lags on the day
- European equities flattish, US futures little changed
- US 10-year yields flat at 1.625%
- Gold flat at $1,870.54
- WTI up 0.1% to $68.90
- Bitcoin down 5.6% to $36,535
It was a typical pre-NFP lull of a session, with markets keeping quiet and tepid for the most part. There weren't any notable moves as ranges were narrow.
EUR/USD is holding a touch lower at 1.2110-20 but sits in a 28 pips range today. USD/JPY continues to keep above 110.00 but is holding a 23 pips range. You get the picture.
Equities showed little poise to do anything with European stocks and US futures also keeping more flattish and little changed, similar to Treasury yields as well.
Elsewhere, Bitcoin kept on the defensive after Elon Musk's cryptic tweet earlier in the day as it holds 5% lower at around $36,500 for the time being.
All eyes are on the US jobs report but as much as the hype surrounding it is palpable, it may not be one to provide much answers as to what the Fed may do in two weeks' time. As such, the reaction today may not be one that reverberates into next week.
