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EUR/USD : moves higher before critical ECB meeting

EUR/USD : moves higher before critical ECB meeting

Information is not investment advice

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Fibonacci Levels

 XAU/USD: Gold facing a further consolidation above 23.6% retracement area. Bulls have returned before inflation data.

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Ichimoku Kinko Hyo

CHF/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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US Market View

Government, news and social media websites across the globe were coming back online Tuesday after being hit by a widespread outage linked to U.S.-based cloud company Fastly. Japan's government will stick for the moment to its goal of achieving a primary balance surplus by fiscal year 2025, but reassess the timeframe due to the economic damage caused by COVID-19, the government's draft fiscal blueprint shows. The draft, seen by Reuters, underscores the government's commitment to fixing Japan's tattered finances. Its wording could change, however, after vetting by ruling party lawmakers, some of whom want the timeframe dropped for a second year running as the costs of combating the pandemic accumulate.

Oil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about recovering demand kept a floor under prices. As oil is priced in dollars, a stronger greenback makes crude more expensive for buyers with other currencies. Data showing China's crude imports were down 14.6% in May on a yearly basis also weighed on prices.

Markets were in their comfort zone on Tuesday, with world stocks hovering just off record highs, the dollar lifted by upcoming inflation data and the main volatility gauges all looking reassuringly calm.There was some pressure on sterling as the British government considered whether to delay removing most of its remaining coronavirus restrictions and oil was in the doldrums, but both looked like being temporary at worst.

 

 

 

USA Key Point

  • US trade balance for April -$69.9B vs -$69.7B estimate.
  • Canada April international merchandise trade balance +$0.59B vs -$0.70B expected.
  • The CHF is the strongest and the NZD is the weakest as NA trader enter for the day.
  • Eurozone Q1 final GDP -0.3% vs -0.6% q/q second estimat
  • Germany June ZEW survey current situation -9.1 vs -28.0 expected.
  • Oil sits lower on the day after first test of $70 falls short
  • Dollar slightly firmer to start the day as the back and forth continues.
  • Germany April industrial production -1.0% vs +0.4% m/m expected.
  • Japan May economy watchers survey current situation 38.1 vs 34.0 expected.

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Bulls Are Coming Back

The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

What to trade on June 20-24?

Last week was shocking!  The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…

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