G-7, China and BoC
As his first visit since taking office, Biden flew St. Ives, Cornwall, in the UK for the G-7 summit. Epidemic problems and access to vaccines for lower-income counties will be at the center of negotiations.
Before the summit starts, UK and EU officials meet and talk about Northern Ireland, threatening to spill over into legal action.
While many things and events are going on, the market is so calm and mainly trading in a range, waiting to have a more significant reason for its movements. After higher than expected Chinese PPI numbers, now the market is a wait for US data. Despite today`s relative returns on the crypto market, the market is still under pressure for various reasons. And later today, we are waiting for the BoC policy meeting. You can find out expectations from this meeting on our website.
Fx Market
US dollar Index: US Dollar trading lower across the board. DXY was hovering under the critical level of 90.0, and in the intraday charts, technical indicators are still supporting the current downtrend. However, since we have important news and events today and the next day, fundamental reasons may play a more important role. Technically, a return above the 90.00 level can change the direction again.
Euro: The euro is dizzy and strong; however, it could not cross above the 1.2200 psychological level. Restrictions are eased across the EU, and nixed data of Tuesday, still confusing. Any new trend needs to take over 1.2200 or under 1.21770
Cable: Same as Euro, Pound also has much reason to get supported and much other reason to be under pressure. Positive news from vaccination and delay in the UK`s reopening plan on June 21 are some. Cable trading between 1.41 and 1.42 since the middle of May. This range trading expecting to be continued as long as we have a new reason to change the outlook. For example, solving the Northern Irish border`s disagreements with the EU.
AUD: After a short live dive, Aussie again backs above 0.7750. First support sits at 0.7725, and resistance above this level is seen above 0.7780. Generally, it is an uptrend unless if USD gets strong support and reverses the trend.
