UK May GDP data on the agenda today
The dollar traded more mixed yesterday - advancing against commodity currencies but fell against the yen and euro - as the focus was on risk sentiment and the retreat in Treasury yields, which turned around a fair bit towards the end.
Of note, 10-year Treasury yields have moved off lows seen yesterday at 1.25% to sit around 1.33% today and that might offer some comfort to risk traders.
There are no easy answers for what is happening in the bond market still but we'll see how the market takes to the reflation narrative after this is all said and done.
- Wells Fargo calls bulls**t on the bond rally. Five reasons
- Four reasons not to give up on the reflation trade
US futures are a little lower today but it is still early, with the aussie and kiwi slightly weaker as major currencies hold a narrower range for the time being.
0600 GMT - UK May monthly GDP data
Prior release can be found here. UK GDP for May is estimated to reflect further improvement after the start of the economic reopening in April, boding well for overall Q2 numbers as the recovery gets underway.
1130 GMT - ECB releases the account of its June policy meeting
The June policy decision can be found here. The strategy review results took precedence over this yesterday so don't expect much that we don't already know from the ECB at this stage as they are priming for more of a change only in September.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
Hoping for a great game this weekend~
