Forexlive Americas FX news wrap: US dollar stays on the defensive ...Middle East

US May new home sales 623K vs 693K expectedPowell: Waiting to see what shows up in measured inflationFed's Collins: Monetary policy is well-positioned, there is time for patienceEIA weekly US oil inventories -5836K vs -1960K expectedTrump: Tremendous things have been accomplished at NATO summitItaly's Meloni: A 10% tariff from the US would not be particularly impactful for our firmsShell in talks to acquire BP - reportUS treasury auctions often $70 billion of five-year notes at a high-yield of 3.879%Barclays: Month-end model signals moderate USD selling, weak bias on EUR/USD

S&P 500 flat at 6091US 10-year yields down 1 bps to 4.28%WTI crude oil up 86-cents to $65.23Gold up $9 to $3332NZD leads, JPY lags

Wednesday was a chance for markets to digest a hectic two weeks in the Middle East and it meant only small moves in bonds and stocks. In contrast, there was some life in FX as the US dollar continued to sell off. The new home sales report was very soft and was a small catalyst behind the decline. Increasingly though the market is shifting the narrative on rate cuts and pricing more in with year-end now at -63 bps, up from 49 bps last week.

A big test of that will come in the day ahead with the May PCE report slated to be released.

The yen was a laggard despite some hawkish comments from a BOJ official earlier. That may simply be a case of back-and-fill after huge moves on Monday/Tuesday.

This article was written by Adam Button at www.forexlive.com.

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