The opening remarks of the European Central Bank's (ECB) Forum on Central Banking, which is being place in Sintra, Portugal, will be closely watched by investors. Later in the day, a policy panel will include Bank of England (BoE) Governor Andrew Bailey, Bank of Japan (BoJ) Governor Kazuo Ueda, Federal Reserve (Fed) Chairman Jerome Powell, and ECB President Christine Lagarde.
Price in US dollars This week
The US Dollar (USD) experienced fresh selling pressure in the American session on Monday after a calm European session, resulting in a 0.5% loss for the USD Index. In a handwritten letter to Fed Chairman Powell, US President Donald Trump urged him to cut interest rates, White House press secretary Karoline Leavitt told reporters Monday. Trump thinks interest rates should be cut to around 1%, she added.
The Manufacturing Purchasing Managers' Index (PMI) report for June will be released by the Institute for Supply Management (ISM) on Tuesday, and the US economic calendar will include JOLTS Job Openings data for May. The USD Index is unable to gain momentum during the European session and remains in negative territory at about 96.70. In contrast, US stock index futures see losses ranging from 0.1% to 0.2%, indicating a cautious approach by the market.
The widespread selling pressure on the USD helped EUR/USD rise above 1.1800 for the first time since September 2021. In the morning in Europe, the pair corrects downward and trades close to 1.1780. Preliminary June Harmonized Index of Consumer Prices (HICP) statistics for the Eurozone will be released by Eurostat.
On Tuesday, BoE Governor Bailey reaffirmed that interest rates will continue to move gradually lower. He went on to say that although the labor market is improving, they must keep a close eye out for the effects of inflation. In light of these remarks, the GBP/USD exchange rate maintains its modest daily advances at 1.3750.
Following modest losses on Monday, the USD/JPY gains negative momentum and drops roughly 0.5% below 143.50 on Tuesday morning in Europe.
According to Chinese data, the Caixin Manufacturing PMI increased from 48.3 in May to 50.4 in June. This reading exceeded the 49 that the market had anticipated. Following Monday's over 0.8% increase, the AUD/USD pair is still gaining and is currently trading at a new 2025 high of 0.6600.
Gold adds over 1% on the day to trade at over $3,350, continuing its recovery from multi-week lows.
Price in US dollars This week
The US Dollar (USD) experienced fresh selling pressure in the American session on Monday after a calm European session, resulting in a 0.5% loss for the USD Index. In a handwritten letter to Fed Chairman Powell, US President Donald Trump urged him to cut interest rates, White House press secretary Karoline Leavitt told reporters Monday. Trump thinks interest rates should be cut to around 1%, she added.
The Manufacturing Purchasing Managers' Index (PMI) report for June will be released by the Institute for Supply Management (ISM) on Tuesday, and the US economic calendar will include JOLTS Job Openings data for May. The USD Index is unable to gain momentum during the European session and remains in negative territory at about 96.70. In contrast, US stock index futures see losses ranging from 0.1% to 0.2%, indicating a cautious approach by the market.
The widespread selling pressure on the USD helped EUR/USD rise above 1.1800 for the first time since September 2021. In the morning in Europe, the pair corrects downward and trades close to 1.1780. Preliminary June Harmonized Index of Consumer Prices (HICP) statistics for the Eurozone will be released by Eurostat.
On Tuesday, BoE Governor Bailey reaffirmed that interest rates will continue to move gradually lower. He went on to say that although the labor market is improving, they must keep a close eye out for the effects of inflation. In light of these remarks, the GBP/USD exchange rate maintains its modest daily advances at 1.3750.
Following modest losses on Monday, the USD/JPY gains negative momentum and drops roughly 0.5% below 143.50 on Tuesday morning in Europe.
According to Chinese data, the Caixin Manufacturing PMI increased from 48.3 in May to 50.4 in June. This reading exceeded the 49 that the market had anticipated. Following Monday's over 0.8% increase, the AUD/USD pair is still gaining and is currently trading at a new 2025 high of 0.6600.
Gold adds over 1% on the day to trade at over $3,350, continuing its recovery from multi-week lows.
