Market Update - June 9, 2021

Market Update - June 9, 2021
Analysis
Ahura Chalki
Author:
Ahura Chalki
Published on: 09.06.2021 16:54 (UTC)
Post reading time: 1.8 min
1883

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