The dollar was looking poised in early trading yesterday but stumbled late in the day as Treasury yields reversed lower. Of note, USD/JPY fell back below 140.00 and this sends dollar bulls back to the drawing board in trying to figure things out again this week.
The move came despite some softer risk tones, with Wall Street turning lower after Apple's WWDC. On a side note, the Vision Pro headset looked quite impressive (sorry, Zuck) but $3,499? Oof. That is quite a steep price. However, if there is one brand or company that is able to convince consumers of a "value" price point, it is arguably Apple.
Anyway, back to markets, the dollar is finding itself in a rather strange position now with the mood being neither here nor there. It seems like we might be in for more of a choppy road all before the US CPI data next week and then the Fed after.
Looking ahead today, there will be some minor releases in Europe but nothing that will impact markets by much.
0600 GMT - Germany April industrial orders
0730 GMT - Germany May construction PMI
0830 GMT - UK May construction PMI
0900 GMT - Eurozone April retail sales data
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
