Forex news from the European trading session - 8 June 2021
Headlines:
- Fastly says issue has been identified, fix being implemented
- Wide Internet outage being reported globally
- US May NFIB small business optimism index 99.6 vs 101.0 expected
- Eurozone Q1 final GDP -0.3% vs -0.6% q/q second estimate
- Germany June ZEW survey current situation -9.1 vs -28.0 expected
- Bitcoin struggles to stay afloat as downside run looks to continue
- Japan May economy watchers survey current situation 38.1 vs 34.0 expected
- Germany reports 1,204 new coronavirus cases, 140 deaths in latest update today
Markets:
- CHF leads, GBP lags on the day
- European equities a little higher; S&P 500 futures up 0.2%
- US 10-year yields down 2.9 bps to 1.54%
- Gold flat at $1,899.30
- WTI down 0.9% to $68.63
- Bitcoin down 3.8% to $33,130
It was a quiet session for the most part as the market traded more sideways barring a bit of a hiccup with the global Internet after Fastly's CDN ran into some issues.
That stirred a bit of nerves as equities slipped but quickly recovered as the situation is resolved. As the old adage goes, "buy value, sell hysteria".
European indices are holding minor gains now while US futures are looking more mixed, with Nasdaq futures leading the way. That said, the rotation play is still quietly going about its business in the big picture so keep that in mind even on days like these.
In FX, things were quieter with the dollar keeping a slight edge against some major currencies but is seen trailing a little against others.
There is a sense of trepidation as the technicals continue to keep in place with little conviction to really commit to any firm moves for the time being.
