Should We Pay Attention to the Strength of Oceania's Currencies?
28.06.2021
- Remarks by Bahtman, President of the German Central Bank
- Remarks by British MPC Member Holden
Last weekend, the S&P 500 hit a new all-time high in the U.S. market, sparking a risk-on rally characterized by rising stock prices, interest rates, and commodity prices. The Fear Index (VIX) fell further from the previous day to 15.6, indicating market stability.Gold has been trading within a range of $1,769 to $1,793 and is currently at $1,783.
In the foreign exchange market, the pound is showing signs of recovery, with GBP/USD attempting to rise around 1.389. GBP/JPY has also rebounded from today’s decline during Asian trading hours and is currently holding firm around 153.7, defending against a new low.However, since the rebound in Oceania currencies is gaining even more momentum than that of the pound, caution is warranted when assessing the direction of the GBP/AUD pair. The AUD/USD pair has rebounded from the 200-day moving average on the daily chart and is attempting to rise from the 0.759 level.
Today’s economic indicators include the German Import Price Index at 15:00, remarks by German Bundesbank President Bahtmann and UK MPC Member Holden at 21:00, and remarks by U.S. Federal Reserve Bank of New York President Williams at 22:00:remarks by John Williams, President of the New York Fed; at 23:30, the U.S. Dallas Fed Manufacturing Activity Index; and at 25:00, remarks by Thomas Barkin, President of the Richmond Fed. We will carefully monitor how prices move during this final week of the month.
