USD/JPY: Bulls in control near multi-month tops, eyeing 107.00
Ichimoku Kinko Hyo EUR/JPY: The pair is trading below the cloud…
EUR/CHF : looks for a breakout in highest levels since December 2019
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAU/USD: Gold bulls return and send price again above 38.2% retracement area. It seems that a bullish trend is shaping.
US Market View
U.S. stocks are seen opening lower Tuesday, with the high-growth tech sector set to be hit hard as rising bond yields force a rethink of the models underlying some valuations. Federal Reserve Chairman Jerome Powell starts his two days of Congressional hearings later Tuesday, particularly with President Joe Biden’s $1.9 trillion stimulus package likely to be approved by Congress in the next few days. The spending package implies Treasury issuance well beyond what the Fed has said it will buy. The Fed’s repeated assurances that it will keep policy loose this year have been one of the factors behind the sharp run up in assets such as commodities, as well as other assets that are implicit bets on dollar devaluation.
The pound hit its highest in a year against the euro and its highest since April 2018 against the USD after Prime Minister Boris Johnson outlined what he called a “cautious and irreversible” path out of lockdown by July.
Oil prices surged Tuesday with U.S. production slow to return from the deep freeze which affected large swathes of the country last week, including Texas, the largest crude producing state.
USA Key Point
- UK PM Johnson is very optimistic on 21 June full reopening.
- Sterling stays more resilient as UK reopening keeps the optimism flowing.
- Tech leads the drop as equities correct in European morning trade.
- Stocks turn lower on the day as hints of risk aversion creep into the market.
- Gold holds above $1,800 but any major upside pushes likely to be elusive for now.
- Japan reportedly to decide on Friday on whether to lift Tokyo state of emergency.
- EUR/USD trades at one-month highs as the dollar keeps more vulnerable.
Gerasimos Papagiannis
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