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US dollar gains slightly on range bound markets

US dollar gains slightly on range bound markets

Information is not investment advice

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Ichimoku Kinko Hyo

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

USDJPYM30.png

Fibonacci Levels

 XAG/USD: Seems that the bullish euphoria has passed away. Silver bears gain strength and stand above 50.0% retracement area.

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EU Market View

 Asian shares enjoyed a relief rally on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week. In the United States, inflation data could provide a scare ahead of testimony by Federal Reserve Chair Jerome Powell on Wednesday and Thursday, where markets will be hyper-sensitive to any talk of early tapering.

European stock markets are seen opening just lower Monday, with investors starting an event-packed week on a cautious note as they seek out fresh cues. European Central Bank President Lagarde said on Sunday that the central bank will update its guidance on monetary stimulus at its next meeting, and indicated that fresh policy might be introduced in 2022 to support the European economy to replace the current bond-buying program.Last week the ECB changed its stance on inflation, potentially allowing CPI to climb higher than its 2% goal if the circumstance dictates.

U.S. is scheduled to release key inflation data for June later this week, while Federal Reserve Chairman Jerome Powell is set to testify in front of Congress on Wednesday and Thursday, potentially providing clues on the central bank’s thinking over tapering. Additionally, China will release second-quarter GDP data on Thursday amid concerns they could disappoint given a sudden easing in monetary policy last week. The number of Covid-19 cases continues to rise in large parts of Asia, while the U.S. had the most cases since mid-May as the delta variant spreads in less vaccinated parts of the nation.

Oil prices edged lower Monday amid uncertainty within the sector given the rising Covid-19 cases globally and the lack of agreement at the last meeting of the Organization of the Petroleum Exporting Countries and their allies over production levels.

 

EU Key Point

  • Germany June wholesale price index +1.5% vs +1.7% m/m prio
  • HSBC are looking for a bottoming out USD in coming month
  • JP Morgan expect the Sydney lockdown to drag on economic activity, especially in the current quarte
  • Kiwibank says November 2021 is too early for an RBNZ rate hik

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