The US dollar was on the back burner throughout most of the week as data remained mixed and speculation about the Fed decision mounts. A rate decision in Australia, the ECB’s critical decision and the UK elections stand out in the first full week of June. Here are the highlights for the upcoming week.

Fed members sent mixed messages. It seems that they are trapped in the expectations they created for a June hike, but they may make it a “dovish hike”. Their favorite inflation figure continued falling. In the UK, some opinion polls showed a tightening of the race, causing the pound to slide. But not all polls are equal and the only one that counts is the vote coming this week. Reports about an upgrade to the ECB’s assessment helped the euro, winning over weaker inflation. Commodity currencies resumed their falls as China’s PMI slipped to contraction territory and oil prices are grinding lower.

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