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US Dollar consolidates after a massive short squeeze

US Dollar consolidates after a massive short squeeze

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/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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Fibonacci Levels

 XAG/USD: Silver stands above 50% retracement area. Bearish pressure is growing during the last hours.

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EU Market View

 Asian shares extended losses for the week, U.S. Treasury yields climbed and the greenback hovered near two-month highs on Friday as investors digested comments from the U.S. Federal Reserve projecting rate hikes in 2023. While the Fed messaging indicated no clear end to supportive policy measures such as bond buying, signals of faster-than-expected rate hikes indicated its concern about inflation as the U.S. economy recovers from the COVID-19 pandemic.

The dollar edged higher in early European trade Friday, continuing to benefit from Wednesday’s surprise move by the Federal Reserve in bringing forward its timetable for raising interest rates. The dollar is still reaping the rewards of the FED the country’s central bank, taking a more hawkish stance than expected and planning for two interest rate increases of 25 basis points in 2023, a year earlier than expected.

This represented an abrupt change from the previous meeting when none of these officials were looking for hikes during that year. Additionally, Fed chief Jerome Powell indicated that the members of the Federal Open Market Committee had begun the conversation on stopping the bank’s massive bond-buying program.

British retail sales fell unexpectedly last month as a lifting of lockdown restrictions encouraged spending in restaurants rather than shops, according to official data. Retail sales fell 1.4% between April and May, the Office for National Statistics said.

The Bank of Japan unveiled a plan on Friday to boost funding for fighting climate change, in a surprise move underscoring the importance of the issue for central banks.

The BOJ also maintained its massive monetary stimulus to support the country's economic recovery and extended a deadline for asset-buying and loan programmes introduced last year to channel funds to pandemic-hit firms. Japan's central bank said it expects to launch the climate change scheme by the end of this year, and will release a preliminary outline of its plan at its next policy-setting meeting in July.

 

EU Key Point

  • UK May retail sales -1.4% vs +1.5% m/m expecte
  • Germany May PPI +1.5% vs +0.7% m/m expecte
  • Germany reports 1,076 new coronavirus cases, 91 deaths in latest update today.
  • Next week will bring the Bank of England monetary policy meeting.
  • BOJ announce no change to main monetary policy planks, as expected. Pandemic relief program extended.

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