US May NFIB small business optimism index 95.3 vs 96.0 expected USD/JPY holds above the 160.00 mark as traders look beyond the imminent BoJ rate hike Goldman Sachs no longer sees the Fed cutting interest rates this year Of cryptocurrencies and collectibles Indian Rupee maintains…
e bearish bias amid prolonged US-Iran stalemate, hawkish Fed risk What are the main events for today? German industrial production rebounds in April on higher energy, construction output FX option expiries for 9 June 10am New York cut BOJ reportedly set to raise short-term policy rate to 1% next week A quick US-Iran catchup ahead of European trading today US president Trump says he may have an “idea” on Iran deal within a few days Is the crypto market rebounding?
Today’s Ethereum analysis It’s been a very boring session with no market-moving data or news releases. The only notable news was the Nikkei report confirming that the BoJ is going to hike interest rates to 1% next week and pause bond tapering from next fiscal year. There was little to no reaction in the JPY given that a rate hike was already priced in and the tapering pause removes the hawkish flavour of the rate hike.
Early in the session, we got Trump touting “very good chances” of reaching a deal with Iran in the “next two or three days”. CNN noted that Trump has claimed an Iran deal to be close at least 37 times already. I think it’s unlikely to see a deal anytime soon after the latest escalation with Israel, so the stalemate might extend much further.