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US dollar bulls look to be making late bets on a strong PCE report

US dollar bulls look to be making late bets on a strong PCE report

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 recently.

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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US Market View

U.S. stocks are seen opening higher Friday, amid growing optimism over the economic recovery with President Biden set to unveil a fiscally-expansive budget. Confidence is growing about the strength of global economic improvement, helped by first-time jobless claims in the U.S. falling to a new pandemic low, a positive indication of the health of the world’s largest economy.

The Federal Reserve is coming under increasing pressure to give the market more guidance as to when it plans to start tapering back its bond-buying program. However, in Europe, these voices are much more quiet.

In fact, the European Central Bank is increasingly expected by market participants to extend the elevated pace of its emergency bond-buying at its next meeting on June 10, despite a likely economic rebound.

Crude oil prices edged higher Friday, on course for another monthly gain in May, the fourth of five this year, as investors wager that progress in combating the Covid-19 pandemic, particularly in the U.S. and Europe, will spur energy consumption, although gains are light ahead of a meeting of top producers early next week and with the return of Iranian exports still a possibility.

President Joe Biden is set later Friday to unveil a budget that would increase federal spending to $6 trillion in the coming fiscal year, according to a report by the New York Times. Although such a proposal would have to get through a divided Congress, where the Democrats hold only narrow majorities in the House and Senate, it would take federal spending to its highest levels since World War II. 

 

USA Key Point

  • The USD is the strongest and the NZD is the weakest as the NA session begins.
  • EUR/USD continues to waffle below 1.2200 ahead of US PCE data late
  • Equities keep firmer ahead of North American trading.
  • ECB's Villeroy: Restrictions on bank dividends can and should be lifted from next September.
  • USD/CHF extends rebound to fresh weekly highs above 0.9020 ahead of US data.
  • GBP/USD drops to mid-1.4100s ahead of the key US inflation data.

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It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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