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Things are moving slower as the new week begins, with major currencies remaining in tight ranges. But if nothing else, keep an eye on USD/JPY as it continues to move towards the 160.00 threshold again. This may prompt Japanese authorities to intervene to halt further depreciation of the yen, at least for the time being.
After the central bank’s surge this month, next week promises to be a bit quieter. However, end-of-month flows will start to come into the picture later in the week. This could muddy the waters before we move into July trading.
Today, there is not much on the agenda to really change things. The German Ifo business survey for June is the highlight, but this has not been a major release for some time now. The German economy is faltering at the end of the second quarter and the report should reflect exactly that.
As such, the overall risk sentiment will be one of the most influential drivers of trading sentiment to start the week.
0800 GMT – German Ifo Business Climate Index for June
0800 GMT – Total demand deposits with the SNB on June 21
1000 GMT – June UK BoE trends for total orders
That’s it for the next session. I wish you all the best in the coming days and good luck with your trading! Stay safe out there.
