ForexLive European FX news wrap: Slow and steady start
Forex news from the European trading session - 14 June 2021
- Novavax COVID-19 vaccine shows 90% overall efficacy in Phase 3 trial
- ECB's Simkus: Too early to talk about end of PEPP
- SNB total sight deposits w.e. 11 June CHF 711.0 bn vs CHF 710.8 bn prior
- ECB's Holzmann: ECB in a 'dangerous zone' as inflation concerns rise
- ECB's Lagarde: It is too early to debate the end of PEPP purchases
- Germany reports 549 new coronavirus cases, 10 deaths in latest update today
- NZD leads, JPY lags on the day
- European equities a little higher; S&P 500 futures flat
- US 10-year yields up 0.5 bps to 1.457%
- Gold down 1.2% to $1,854.20
- WTI up 0.6% to $71.31
- Bitcoin up 0.4% to $39,154
It was a light session in terms of headlines as the market begins the slow grind towards the Fed policy meeting on Wednesday.
FX was disinterested for the most part besides a slight nudge down in cable to one-month lows at 1.4071 before bouncing back to flat levels now around 1.4105.
Equities were looking more optimistic to start with but are seeing the early enthusiasm curbed a little, with US futures more flattish now ahead of the cash open later.
ECB policymakers were out in force to make sure the market knows that they aren't yet leaning towards tapering, setting up that discussion for September perhaps.
Elsewhere, gold is seeing a bit of a fall as Bitcoin comes back into favour after Elon Musk's tweets. Meanwhile, oil is keeping perky above $71 to get things going today.
The FOMC meeting later in the week is the focal point so for now, it is a slow and steady start as market participants gear up for the main event in a few days' time.