European FX Open - USD continues to give back ground
EUR/USD continues to be one of those beneficiaries, perhaps indicating that the market is pricing in a less than dovish ECB rate cut this week.
Monetary policy outlooks will stay a focus through the session with Swiss CPI for May. Prices are expected unchanged at 1.4% y/y after last month's material beat.
German unemployment comes later in the morning followed by the triple US release of JOLTS job openings, factory orders and durable goods. JOLTS are seen falling to 8360 in April; factory orders are tipped to rise for the third straight month at 0.6%.
The Riksbank deputy governor Breman is sole scheduled speaker.
Overnight, Japan finance minister Suzuki said the government s intervention in the FX market in May to counter excessive moves driven by speculation, was effective to some extent, officially acknowledging that such action took place and that the MOF spent a record amount to support the beleaguered YEN.
Elsewhere, oil losses are beginning to stack up below the psychological Usd 80/brl mark amid OPEC+'s plan to return barrels to the market earlier than expected raised concerns about oversupply.
In the UK, Bbg reports the CBI business lobby is urging the next government to ease trading frictions to help spur growth, throwing a spotlight on post-Brexit relations with the EU.
BBC News reports Nigel Farage's surprise return to lead the Reform Party and stand for a seat in parliament, with its focus on reducing immigration, has heaped further pressure on the Tories who are said to be hardening their position on the ECHR. Labour leader Starmer is set to warn of the national security threat to the UK that comes with continued dependence on energy from rogue foreign states.
All US stock futures are tiny in the red at the time of writing.
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