Some comments in the unstable market!

GBPCAD: Although limiting wage increases should, in theory, help the Bank of England (BoE) tame inflation, such a decision could pave the way for union strikes and put the UK economy in a tougher spot than it already is. Meanwhile, the uncertainty surrounding this issue is likely to cause investors to stay away from Pound Sterling.

GBPJPY: On the Japanese Yen front, soft inflation data has added some pressure. Scrutiny of Japan’s inflation report conveyed that contribution from higher oil prices is fading and domestic demand is contributing effectively. This could be the outcome of higher wages due to consistent monetary stimulus by the BoJ.

EURJPY: The European Central Bank's forum on central banking in Sintra has started, with many central bank officials from around the world in attendance. ECB President Lagarde will speak several times, as will other ECB policymakers, starting on Tuesday. If the ECB wants to send a message to the market this week, it has an opportunity. The most likely scenario is to stick to the current "data-dependent" mantra, signaling another rate hike in July.

NZDCHF: The 4-hour chart highlights a possible Butterfly formation with the next leg being CD to the upside. We have formed a bullish Morning Doji Star pattern at the base. This formation is often seen at the bottom of a trend and the start of a new upside bias.

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