Search ForexCrunch

Here is what you need to know on Wednesday, June 10:

The market mood is mixed with the dollar edging lower but some stocks rising as tension mounts ahead of the Federal Reserve’s decision. 

The Federal Reserve is projected to leave the interest rate unchanged and reiterate its commitment to support the economy, albeit not with negative rates. The Fed will publish new economic projections and its forecasts for returning to pre-pandemic output and single-digit employment are eyed. 

Jerome Powell, Chairman of the Federal Reserve, will hold a press conference and could continue urging the government to do more. He may also comment on recent gains in stocks and the fall in bonds.


  • Fed Preview: Propelling stocks with more surprises or compressing the froth? Five things to watch
  • Fed Preivew: We know where we are and how we got here but where are we going?
  • FOMC Preview: What else can the Fed do?

Ahead of the Fed, the US releases updated Consumer Price Index figures for May, with both headline and core prices likely to stabilize.

See US CPI Preivew: The pandemic inflation decline reverses

George Floyd, the unarmed black man killed at the hands of the police in Minneapolis – that sparked mass demonstrations – was laid to rest. President Donald Trump’s handling of the crisis has significantly hurt his standing in opinion polls and may have an impact on markets as the presidential elections near. 

Coronavirus cases are rising at a worrying pace in Latin America and several US states. Hospitalizations in Texas have hit their highest so far. On the other hand, figures in New York continue falling. India’s capital

Delhi is also overwhelmed by COVID-19 and is watched by USD/INR traders. The World Health Organization retracted comments that asymptomatic transmission is rare. 

China: Producer prices have dropped more than expected in May, casting a shadow over the economic recovery, causing concerns of a deflationary cycle. Consumer prices remained positive only due to elevated pork costs. 

EUR/USD is holding onto its recovery, trading above 1.1350. The European Central Bank is reportedly preparing a scheme to encounter bad a wave on unpaid eurozone debts. Several EU countries have urged the European Commission to get ready for the fallout from Brexit.

GBP/USD is trading on higher ground above 1.2750, shrugging off deadlocked Brexit talks. Prime Minister Boris Johnson is set to lay out which businesses can reopen next week. 

AUD/USD is flirting with 0.70, shrugging off tensions between Canberra and Beijing. Chinese investment in Australia is set to fall in 2020, according to KPMG.

Oil prices are edging lower, with WTI trading around $38, following the more cautious market mood and an increase in private inventories rather than the ongoing shutdown of an oil field in Libya. Goldman Sachs foresees a significant downside correction.

Cryptocurrencies are trading in familiar ranges, with Bitcoin remaining capped under $10,000.

More Payrolls to pandemic — a conversation with Boris Schlossberg

Expert score


Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.