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Market Comment - 2nd June 2021

Posted by Stuart PritchardJune 2, 2021

Good morning,

The major currency pairings traded within relatively tight ranges on Tuesday, we saw limited movement with no major breakouts.

In line with the muted start to June sterling cut a softer tone, giving away marginal ground to both euro and the dollar.

Although there was no major movements following the releases, Tuesday's calendar was busier then Monday with the Eurozone inflation for May higher then the expected forecast of 1.9%. The 2% uptick showed a 0.4% increase from the 1.6% posted in April.

In the US manufacturing ISM  data for May also beat forecasted figures, posting gains of 61.2. The figure was up from the 60.7 figure of April and better then the 60.9 expectation.

Australia's second most populated state Victoria has had it's lockdown period extended to June 10th, six new local cases were reported today taking the total of the recent outbreak to 60. 

This marks the biggest outbreak in cases within Australia since October.

Melbourne are also required to "stay at home" except for essential work, limited exercise or medical attention including getting the Covid vaccine. 

As we look ahead to today it's a very sparse economic calendar, meaning we should expect another day of tight trading ranges. 

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Todays Economic Calendar 

GER: 07:00 Retail Sales (April) 
UK: 09:30 BoE Mortgage Approvals (April) 
EU-19: 10:00 Producer Prices (April) 
IRL: 11:00 Unemployment Rate (May) 

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