European governments or authorities announce additional restrictions
Ichimoku Kinko Hyo CHF/JPY: The CHF/JPY pair is gyrating slightly below the lower level of the cloud…
EUR/USD : gains before critical FOMC meeting
Information is not investment advice
Ichimoku Kinko Hyo
CAD/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
XAG/USD: Silver continuous to stand below 23.6% retracement area. Bullish pressure is growing during the last hours and before fomc.
EU Market View
Asian shares had a mixed day on Tuesday and the dollar sat near multi-week highs ahead of a much-anticipated Federal Reserve policy meeting, which investors are watching for hints of any change to the U.S. monetary policy outlook. The U.S. Federal Reserve starts its latest two-day policy meeting later Tuesday against a backdrop of sharply rising inflation as the country’s economy makes a solid recovery as it gradually reopens.
Fed officials, led by Chairman Jerome Powell, have been insistent that these inflationary pressures will be transitory and ultra-easy monetary settings will stay in place for some time to come. However, with positioning heavily loaded against the dollar, traders are wary of any shift in tone with a potential discussion about tapering its bond-buying.
Traders around the world are looking for any hints about whether and when the Fed plans to taper its bond buying programme, amid concerns from some quarters about inflation as the U.S. economy bounces back from the pandemic fallout. Nearly 60% of economists in a Reuters poll expect a taper announcement will come in the next quarter, despite a patchy recovery in the job market.
China's markets were closed on Monday for a holiday, meaning this was their first response to a joint statement by the Group of Seven leaders that had scolded Beijing over a range of issues which China called a gross interference in the country's internal affairs.
The dollar slipped marginally lower in early European trade Tuesday, but just off multi-week highs ahead of the latest two-day meeting of the Federal Reserve.
EU Key Point
- EU, US said to reach deal to resolve Boeing-Airbus dispute.
- UK May jobless claims change -92.6k vs -15.1k prior.
- Germany May final CPI +2.5% vs +2.5% y/y prelim.
- Germany reports 652 new coronavirus cases, 93 deaths in latest update today.
- More on the BOJ considering extending its COVID relief program past September.
- Ex BOJ policymaker says Bank likely to extend relief program at this week's meeting.
Gerasimos Papagiannis
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USD/TRY belongs to the exotic group of Forex currency pairs, that’s why traders don’t trade it regularly. However, these days this pair is in the focus of all the trading community!
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