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Europe Roundup: Euro little changed as market participants focused on Thursday's European Central Bank meeting, European stocks ease, Gold slips, Oil eases on Iran concern-June 7th,2021

Market Roundup

• Swiss May Unemployment Rate n.s.a  3.1%,3.3% previous

• Swiss May Unemployment Rate s.a.  3.0%, 3.1% previous

• German Apr Factory Orders (MoM)  -0.2%, 1.0% forecast, 3.0% previous

• Swiss May CPI (YoY)  0.6%,0.6% forecast, 0.3% previous

• Swiss May CPI (MoM)  0.3%,0.3% forecast, 0.2% previous

• French May Reserve Assets Total  191,234.0M, 183,428.0M previous

•UK Halifax House Price Index (MoM)  1.3%,1.2% forecast, 1.4% previous

•UK Halifax House Price Index (YoY) 9.5%,8.2% previous

Looking Ahead - Events, Other Releases (GMT)

•13:00 French 12-Month BTF Auction -0.641% previous

•13:00 French 3-Month BTF Auction -0.633% previous

•13:00 French 6-Month BTF Auction -0.645% previous

•14:00 US May CB Employment Trends Index  105.40 previous

• 15:30 US 3-Month Bill Auction 0.020% previous

• 15:30 US 6-Month Bill Auction 0.035% previous

• 19:00 Apr US Consumer Credit   22.00B forecast, 25.84B previous

Looking Ahead - Economic events and other releases (GMT)

•No significant events


EUR/USD: The euro was little changed against dollar on Monday  as  as upcoming meeting of the European Central Bank on Thursday kept investors cautious. At the beginning of the new week, the euro is restricted in the currency market. The European Central Bank will adjust its pace of buying bank bonds in March to avoid rising borrowing costs and hindering economic recovery.Immediate resistance can be seen at 1.2176 (5DMA), an upside break can trigger rise towards 1.2198 (23.6%fib).On the downside, immediate support is seen at 1.2136(38.2%fib), a break below could take the pair towards 1.2096 (61.8%fib).

GBP/USD: The British pound strengthened against the dollar on Monday, despite doubts whether the government will stick to its plan, the quarantine restrictions on COVID-19 will be completely lifted in England on June 21. The pound is one the best performing G10 currencies this year as the rapid rollout of vaccines in the UK raised expectations of a quick reopening of the economy, but those hopes have faded somewhat in recent weeks as the rise in cases of Delta variant of COVID-19, first discovered in India, has prompted some scientists to advice postponement of the reopening date. Immediate resistance can be seen at 1.4196 (23.6%fib),an upside break can trigger rise towards 1.4248 (June 1st high).On the downside, immediate support is seen at 1.4142 (5DMA), a break below could take the pair towards 1.4071(38.2%fib).

USD/CHF: The dollar dipped against the Swiss franc on Monday, following lower-than-expected U.S. jobs data on Friday, as greenback lacked momentum as investors awaited key inflation data later this week. Market participants focused on US inflation data and the European Central Bank meeting, both on Thursday.At (GMT 12:51), greenback dipped 0.01% versus the Swiss franc to 0.8989. Immediate resistance can be seen at 0.8991(5DMA), an upside break can trigger rise towards 0.9027 (38.2%fib).On the downside, immediate support is seen at 0.9038(23.6%fib), a break below could take the pair towards 0.9000(Psychological level).

USD/JPY: The dollar declined against yen on Monday as  markets digested Friday’s disappointing U.S. jobs report. The jobs data was seen as a relief for markets because it showed a pick-up in job growth was not strong enough to raise expectations for the U.S. Federal Reserve to tighten its monetary policy any sooner, hurting the dollar. Now investors pay attention to the US consumer price report due on Thursday, where the risk is of another high number, although the Fed is still argue the spike is temporary. The dollar was back at 109.26 yen from a peak of 110.62. Strong resistance can be seen at 109.62(38.2%fib), an upside break can trigger rise towards 110.00 (Psychological level).On the downside, immediate support is seen at 109.04(21DMA), a break below could take the pair towards 108.82(61.8%fib).

Equities Recap

European stocks eased from all-time highs on Monday, with commodity shares leading the declines, as sentiment soured after weaker-than-expected China trade data and worries about inflation..

At (GMT 12:51),UK's benchmark FTSE 100 was last trading up at 0.39 percent, Germany's Dax was up by 0.10 percent, France’s CAC finished was up by 0.45 percent.

Commodities Recap

Gold retreated on Monday as the U.S. dollar firmed slightly, with investors’ focus switching to U.S. inflation readings later this week that might give some clue to how long the Federal Reserve will hold off from tapering monetary support.

Spot gold was down 0.3% to $1,883.50 per ounce by 0929 GMT. U.S. gold futures eased 0.3% to $1,885.40.

Oil fell after hitting a two-year high of over $ 72 a barrel on Monday, under pressure from the prospect of higher Iranian exports, although a rebound in demand and OPEC + supply restrictions provided underlying support.

Brent crude fell 22 cents, or 0.3%, to $71.67 by 1150 GMT, after earlier hitting $72.27, the highest since May 2019. U.S. West Texas Intermediate touched $70 for the first time since October 2018 but reversed course to trade down 21 cents or 0.3%, at $69.41.

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