Wed. Jun 7th, 2023

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European session on economic data

1 min read
USD/JPY jumped up from 105.80 levels to 106.43 before easing back to trade unchanged currently. Elsewhere, the Nikkei is up by ~2% while Treasury yields are a little higher as well with 10-year yields at 0.541%.
There’s still plenty to navigate through to start the new week/month, with the coronavirus situation across the globe one to watch, adding to continued talks about additional US stimulus, and we’re now three months away from the US elections.
Economic data today should not offer much to shift the dial in the market so let’s see how things pan out after month-end trading at the end of last week.
The focus here will be on the final readings from France, Germany, and overall Eurozone reports but they should not offer much of anything new. The initial estimates were encouraging and optimistic but it remains to be seen if such positivity can be held up in the coming months, especially with renewed virus concerns brewing.
New Zealand’s extension of lockdown restrictions, at least till September 21, with stricter conditions in Auckland, challenges the market’s mood. Also on the negative side could be Politico’s piece suggesting Iran’s planning to take revenge for Qassem Soleimani.

It should, additionally, be noted that the fears of a hard Brexit grow as the UK offers discounts to Japanese while talking trade, in terms of accepting stiff rules, ahead of British diplomats’ visit to Brussels.

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