Forex news for Monday, June 7, 2021:
- US recovered millions in cryptocurrency paid in ransom in Colonial pipeline hack
- April US consumer credit outstanding +18.6B vs +22.0B exp
- Biogenic Alzheimer's drug approved by FDA
- Yellen: US economy is transitioning to pre-pandemic state
Markets:
- Gold up $8 to $1899
- US 10-year yields up 1.3 bps to 0.79%
- WTI crude down 45-cents to $69.17
- NZD leads, USD lags
It was a slow news day and that was generally reflected in the market. The US dollar started with some modest strength but it faded and the dollar sank. That was an extension of the selling that started after Friday's non-farm payrolls report.
The move was generally uniform with very little separating NZD, JPY, AUD, CHF, EUR and GBP. The loonie was marginally weaker as oil prices slipped.
EUR/USD climbed above 1.2200 to a three-day high after finding bids at 1.2150. Cable wasn't able to get above Friday's highs but is finishing the day just below 1.4200.
There is increasing talk about about AUD/USD upside on better iron ore price. Some of that came through on Monday but we're still in the middle of the range since the third week of April.
