Dollar Breaks Through the Important Support / GOLD, EUR/USD overview
Despite Jerome's Powell hawkish speech, the greenback fell on Tuesday as investors returned to investment in risk assets…
Trading plan for June 5
Information is not investment advice
The USD has continued to weaken after the Federal Reserve Chair Jerome Powell hinted the possibility of a rate cut this year. Will the FOMC members bring some optimism to the market? Let’s wait for the speeches by Richard Clarida and Michelle Bowman during the American trading session. In addition, we anticipate higher figures for ISM non-manufacturing PMI. It may bring positive momentum to the greenback as well.
While most of the emerging market currencies take advantage of the USD weakness, we can see the South African rand weakening. The rise of the USD/ZAR happened due to the shocking figures of the South African GDP growth for the first quarter. It declined by 3.2%, making it the largest contraction since 2009.
Also today we anticipate the release by U.S. Energy Information Administration. According to the forecasts, we will see a decline in the output by 300 thousand barrels. The lower level may push the oil prices up.
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