EUR/USD is being pulled around by the market's interpretations of central bank comments and the inflation outlook, while month- end flows are currently in the mix too, but the fog may start to clear after some major events pass in early June.
May's U.S. jobs report is the first major economic release on June 4, where expectations are for 621,000 additions to non-farm payrolls after April's big miss.
The European Central Bank policy meeting on June 10 will be of greater importance as investors look for any rhetoric about the scaling down of its Pandemic Emergency Purchase Programme.
The U.S. will also see core price index data on June 10, while retail sales and industrial production come the day before the June 16 U.S. Federal Reserve policy announcement, where taper talk will also be at the top of investors' watch list.
It's hoped that the data and central bank meeting will bring more clarity to investors, increase conviction, and allow FX rates to break the confines of recent and familiar ranges.
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