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The global forex markets are in a state of relative tranquillity today, as the dust begins to settle following two central bank surprises. With a light economic calendar on the horizon, trading activity is predicted to stay muted. Australian Dollar currently retains its pole position, closely pursued by its Canadian counterpart. However, with the release of Friday's job data, the latter has the potential to clinch the top spot for the week. New Zealand Dollar finds itself at the other end of the spectrum as the week's poorest performer, followed by Dollar and then Swiss Franc. Euro is mixed together with Yen. ....
Dollar falls broadly in early US session after much worse than expected jobless claims data. But it's so far still holding largely in range. Market pricing on whether Fed would hike on June 14 continues to flip-flop (at around 30% for a 25bps hike). For the week, Kiwi is the second worst, after Dollar, followed by Sterling. Aussie remains the strongest one, but Swiss Franc jumped to the second place, followed by Canadian. Euro and Yen are mixed, a bit of the soft side. ....
As the market holds its breath for today's BoE rate decision and economic projections, Sterling is trading on a softer note, barring against Euro. Overnight attempts to resume the recent rally against Dollar were short-lived, with the Pound returning swiftly to its familiar range. The potential for hawkish and dovish surprises, or simultaneously both, at today's meeting promises a volatile session for the British currency. ....
Sterling's response to BoE rate hike has been somewhat ambivalent. Despite BoE's openness to further tightening and a rosier economic outlook, forecast for inflation indicates a marked downturn, with a "material" undershooting expected in the forecast horizon. The voting pattern held no surprises, leaving the Pound now turning its attention to tomorrow's GDP data for potential directional cues. ....
Today's trading remains relatively subdued, as many markets are still closed for holidays. Canadian and US Dollars are showing mild strength, while Yen struggles as the weakest currency, followed by New Zealand Dollar and Euro. Sterling, Australian Dollar, and Swiss Franc exhibit mixed performance. Most pairs and crosses stay within Friday's range, except for Yen pairs, which have been influenced by new BoJ Governor Kazuo Ueda's dovish comments. ....