The forex market seems to be starting off the new week at a slower pace, with major currencies trading in tight ranges. However, traders should keep a close watch on USD/JPY as it approaches the 160.00 threshold once again. If it reaches that level, Japanese authorities may step in to prevent further yen depreciation, at least temporarily.
After a busy month of central bank announcements, the upcoming week is expected to be quieter. Month-end flows may start to impact the market towards the end of the week, adding some uncertainty before we move into July trading.
Today’s economic calendar is relatively light, with the highlight being the German Ifo business survey for June. Although this report hasn’t been a major market mover recently, it will provide insight into the state of the German economy as we near the end of the second quarter.
In terms of economic data releases, here are a few key events to watch out for:
– 0800 GMT – Germany June Ifo business climate index
– 0800 GMT – SNB total sight deposits w.e. 21 June
– 1000 GMT – UK June CBI trends total orders
Overall, the risk sentiment in the market will likely be a significant driver of trading sentiment at the start of the week. As always, it’s important for traders to stay informed and make well-informed decisions.
With that, I wish all traders the best of luck in the days ahead and successful trading! Remember to stay safe and cautious in your trading endeavors.