Trade ideas thread - European session 11 June 2021

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After all the gyrations in reaction to the US CPI data, major currencies aren’t a whole lot changed though the dollar is holding on the weaker end of the spectrum against the euro and pound in recent weeks.

That said, EUR/USD is keeping below 1.2200 while GBP/USD is also holding below 1.4200 though the latter did recover well from the lows yesterday.

However, from a technical perspective, there is still no meaningful breaks in dollar pairs for the time being at least. USD/CAD continues to hover in and around 1.2100 while AUD/USD continues to be stuck close to 0.7750 amid option expiries.

Elsewhere, oil saw some volatile trading after the Iran news yesterday but the initial drop was quickly bought up and I reckon that continues to say a lot of how the market views the entire episode and what is already priced in.

As I said, dip buying in oil and loonie remains one of the more favourable plays for now.

Meanwhile, the latest nudge lower in yields may benefit equities for a while longer – more so tech stocks – but I’d still be betting on a stronger rotation play in the long-term.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.

This article was originally published by Forexlive.com. Read the original article here.