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Dollar gains, oil searches for breakout

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Forex news from the European trading session – 2 June 2021

Headlines:

Markets:

  • USD leads, CHF lags on the day
  • European equities higher; S&P 500 futures up 0.1%
  • US 10-year yields down 0.9 bps to 1.598%
  • Gold flat at $1,900.80
  • WTI up 1.0% to $68.40
  • Bitcoin up 2.7% to $37,325

It was a quiet session in terms of key headlines but the dollar was active as it caught a bid early on and stuck with gains throughout the morning in Europe.

That despite more muted risk sentiment and little signals from the bond market.

EUR/USD eased from 1.2210 to 1.2165 while GBP/USD retreated from 1.4150 to 1.4110 before bouncing back to keep near unchanged levels currently. AUD/USD saw a slight drop from 0.7740 to 0.7715 but is now sticking closer to around 0.7730 levels.

The dollar gains while modest isn’t really doing much from a technical perspective though, as price action continues to keep within range in the past two weeks.

Elsewhere, oil gained and is staying in search of a breakout above $68, so that will be one to watch out for later in the day and this week as well.



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