ForexLive European FX news wrap: Dollar continues struggle ahead of the Fed

Forex

Forex news from the European trading session – 10 June 2020

Headlines:

Markets:

  • AUD leads, USD lags on the day
  • European equities a little lower; E-minis flat
  • US 10-year yields down 2.6 bps to 0.799%
  • Gold up 0.4% to $ 1,722.24
  • WTI down 2.1% to $ 38.10
  • Bitcoin flat at $ 9,741

EOD 10-06
There wasn’t much notable headlines as the focus of the market stays on the Fed policy decision that is to come later on in the day.

The dollar continued its struggle and was weaker throughout while stocks pulled back early gains amid some profit-taking ahead of the key risk event later today.

EUR/USD marched higher from 1.1350 to 1.1380 levels while GBP/USD extended gains to fresh three-month highs from 1.2750 to near 1.2800 currently.

The aussie and kiwi are also having a ball with AUD/USD recovering back above 0.7000 after having snapped eight days of gains in trading yesterday.

Meanwhile, USD/JPY continues to be weighed lower from 107.60 to 107.26 as Treasury yields stay more heavy since the start of the week amid yield curve control talk.

All eyes are on the Fed later on in the day and that will set the tone for the market for the remainder of the week, so let’s see what Powell & co. has to offer later.

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