United States of America

USD is strengthening against GBP and JPY but is weakening against EUR.

In May, the export price index fell by 0.6% MoM, although analysts did not expect changes, and increased by 0.6% YoY due to a poor indicator last year. The value for imports was corrected by –0.4% MoM and by 1.1% YoY, providing minor support to the asset for several months. Today at 14:30 (GMT 2), the NY Empire State manufacturing activity index is due. According to preliminary estimates, the indicator will be –12.5 points in June instead of –15.6 points previously.

Eurozone

EUR is strengthening against USD, JPY, and GBP.

Italy became the first European economy where inflation did not increase. The May consumer price index increased by 0.2% MoM, keeping the rate at 0.8% YoY. The indicator harmonized with Eurozone standards decreased from 0.9% to 0.8% but in Germany and France, similar indicators are actively increasing. In addition, the Q1 EU wage level adjusted from 3.20% to 5.30%, and the labor cost index – from 3.40% to 5.10%, compared to forecasts of 4.90%.

United Kingdom

GBP is falling against USD and EUR but is strengthening against JPY.

On Thursday at 13:00 (GMT 2), the results of the Bank of England monetary policy meeting are due, and experts believe that the regulator’s officials will keep the interest rate at 5.25% since confirmation that inflation in key sectors will not continue to rise has not yet been received. In addition, the country’s economy is under pressure from a poor property market. The May Rightmove Group Ltd. house price index fell from 0.8% to 0.0% MoM and remained at 0.6% YoY.

Japan

JPY is falling against EUR, GBP, and USD.

The April core machine toll orders, excluding data on orders for ships and utilities, fell by 2.9% MoM compared to an increase of 2.9% in the previous period, which led to a slowdown in the indicator from 2.7% to 0.7% YoY and affected the national currency negatively.

Australia

AUD is falling against USD, EUR, and GBP but is strengthening against JPY.

Tomorrow at 06:30 (GMT 2), the results of the Reserve Bank of Australia (RBA) monetary policy meeting are due. Experts expect the regulator’s officials to keep the interest rate at 4.35% for the sixth time, as the employment and inflation conditions announced during the last meeting were not achieved. Thus, despite the recovery of the labor market, the May Australian and New Zealand banking group ANZ Group job openings adjusted from –2.3% to –2.1%, and the consumer price index is at 3.6%.

Oil

Oil prices are strengthening.

Positive dynamics are developing against a statement by US Presidential Advisor on Energy Issues Amos Hochstein that the government is ready to release oil from the strategic reserve if it is necessary to stop the ongoing price growth. Despite such measures, the official notes that next year, the country would continue to purchase oil to replenish reserves at the same rate of 3.0–6.0M barrels per month. At the moment, their volume is about 396.0M barrels, and in one and a half years of oil purchases, 36.0M barrels were purchased, while 180.0M barrels were spent in 2022.