Forex news from the European trading session – 1 June 2021
- CAD leads, GBP lags on the day
- European equities higher, S&P 500 futures up 0.5%
- US 10-year yields up 2 bps to 1.615%
- Gold up 0.1% to $1,908.70
- WTI up 3.0% to $68.30
- Bitcoin down 0.3% to $36,065
US futures are keeping higher but the main story is what looks to be a technical breakout in oil as it rises to its highest levels in five months above $68.
The OPEC+ meeting is underway so that presents a risk but barring any shock to the status quo, oil bulls may be finding enough conviction to finally break out.
In FX, the loonie keeps higher with USD/CAD easing from 1.2060 to 1.2030 while the rest of the major currencies bloc is mostly little changed.
The dollar was mildly weaker initially but reversed some of its losses from yesterday, particularly against the pound as cable fell from 1.4230 to 1.4170.
The aussie was initially stronger with AUD/USD holding around 0.7760 but gave back gains after the RBA maintained more dovish stance, to sit around 0.7740.