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Dollar gains, EU-US reach aircraft truce

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Forex news from the European trading session – 15 June 2021



  • USD leads, GBP lags on the day
  • European equities higher; S&P 500 futures up 0.1%
  • US 10-year yields down 0.3 bps to 1.490%
  • Gold down 0.1% to $1,864.24
  • WTI up 1.2% to $71.75
  • Bitcoin down 0.3% to $39,737

It is shaping up to be a rather interesting day with a couple of narratives to work with ahead of the FOMC meeting tomorrow.

Equities are keeping the calm and proceeding with a sense of halcyon after a good start to the week yesterday. Meanwhile, the bond market continues to offer little after the bid in Treasuries last week with 10-year yields keeping just below 1.50%.

FX though was where the action is at today as the dollar starts to nudge higher with cable breaking to fresh one-month lows in a move from 1.4100 to 1.4045.

USD/CAD is also seen pushing higher from 1.2140 to near 1.2200 as price also climbs to a fresh high in over a month even though oil prices are still perky.

USD/JPY stuck close to 110.00 throughout as yields remain disinterested but also with there being large option expiries at the figure level rolling off later in the day.

The euro held a slight advance earlier but saw all of that erased as the dollar caught some bids while commodity currencies observed a slight drop against the greenback.

Elsewhere, oil continues to build on its break above $70 as price now climbs up by over 1% and looking towards $72 next. The bullish outlook continues to reverberate and with the technicals cooperating, it is tough to fight the momentum in oil.

Everything still rides on the Fed tomorrow but at least the market isn’t quite stuck in a complete lull for now with there being some interesting moves on the day.

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