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Forex Today: Dollar looking for a new direction

Dollar-looking-for-a-new-direction_Forex_FXPIG

Here is what you need to know on Monday, June 8:

The market mood is mixed on as a new week begins. Investors are looking for a new direction after Friday's rally, fueled by the Non-Farm Payrolls. The US gained 2.5 million jobs, defying estimates for a loss of positions.

America is getting back to work according to the labor figures, with the government playing a substantial role in keeping payrolls elevated. In turn, that may loosen the need for further stimulus from the Federal Reserve, which will announce its decision this week.

The upbeat NFP is unlikely to stop lawmakers from adopting another fiscal stimulus package estimated at around $1 trillion. Large peaceful protests against racial discrimination have were seen over the weekend in the US, and have an impact on pushing Congress to act. The additional stimulus may boost stocks and weigh on the safe-haven dollar.

Coronavirus cases and deaths extend their decline in the Western world while rising in Latin America and other developing economies. Reopening continues in European countries and in US states, such as New York.

EUR/USD is trading just under 1.13, below the highs recorded last week. The common currency benefited from Germany's fiscal stimulus plan and the European Central Bank's addition of €600 billion to its bond-buying scheme. Christine Lagarde, President of the ECB, will speak later in the day.

GBP/USD is hovering around 1.27, shrugging off deadlocked Brexit talks, with differences exposed on Friday once again, after the recent round of talks was inconclusive once again. The pound is also shrugging off the UK's slow pace of reopening. Businesses are worried about the 14-day quarantine requirements from incoming passengers.

Gold continues trading below $1,700, consolidating its losses from last week. Speculation about the Fed may be in play.

WTI Oil has topped $40, extending its gains as OPEC+ members agreed to extend production cuts for another month and also increase compliance, which has been an issue. The black gold is also benefiting from hopes the US opens quickly.

USD/CAD is trading above 1.34, consolidating its losses. Apart from oil prices, the loonie jumped in response to an excellent jobs report in Canada, which showed an increase of nearly 500,000 positions, contrary to projections for a loss of the same scale and similar to the US surprise.

AUD/USD is edging lower amid souring Sino-Australian relations, with Beijing claiming racism against Asians in the land down under. Australia previously called to investigate China on coronavirus.

NZD/USD is trading above 0.65 as New Zealand is "100% coronavirus free" and removing social distancing rules. The country intends to maintain strict border controls.

Cryptocurrencies: Bitcoin is trading around $9,700, within range, while altcoins are experiencing more action.

Source: fxstreet

Here is what you need to know on Monday, June 8:

The market mood is mixed on as a new week begins. Investors are looking for a new direction after Friday's rally, fueled by the Non-Farm Payrolls. The US gained 2.5 million jobs, defying estimates for a loss of positions.

America is getting back to work according to the labor figures, with the government playing a substantial role in keeping payrolls elevated. In turn, that may loosen the need for further stimulus from the Federal Reserve, which will announce its decision this week.

The upbeat NFP is unlikely to stop lawmakers from adopting another fiscal stimulus package estimated at around $1 trillion. Large peaceful protests against racial discrimination have were seen over the weekend in the US, and have an impact on pushing Congress to act. The additional stimulus may boost stocks and weigh on the safe-haven dollar.

Coronavirus cases and deaths extend their decline in the Western world while rising in Latin America and other developing economies. Reopening continues in European countries and in US states, such as New York.

EUR/USD is trading just under 1.13, below the highs recorded last week. The common currency benefited from Germany's fiscal stimulus plan and the European Central Bank's addition of €600 billion to its bond-buying scheme. Christine Lagarde, President of the ECB, will speak later in the day.

GBP/USD is hovering around 1.27, shrugging off deadlocked Brexit talks, with differences exposed on Friday once again, after the recent round of talks was inconclusive once again. The pound is also shrugging off the UK's slow pace of reopening. Businesses are worried about the 14-day quarantine requirements from incoming passengers.

Gold continues trading below $1,700, consolidating its losses from last week. Speculation about the Fed may be in play.

WTI Oil has topped $40, extending its gains as OPEC+ members agreed to extend production cuts for another month and also increase compliance, which has been an issue. The black gold is also benefiting from hopes the US opens quickly.

USD/CAD is trading above 1.34, consolidating its losses. Apart from oil prices, the loonie jumped in response to an excellent jobs report in Canada, which showed an increase of nearly 500,000 positions, contrary to projections for a loss of the same scale and similar to the US surprise.

AUD/USD is edging lower amid souring Sino-Australian relations, with Beijing claiming racism against Asians in the land down under. Australia previously called to investigate China on coronavirus.

NZD/USD is trading above 0.65 as New Zealand is "100% coronavirus free" and removing social distancing rules. The country intends to maintain strict border controls.

Cryptocurrencies: Bitcoin is trading around $9,700, within range, while altcoins are experiencing more action.

Source: fxstreet

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