Investing.com - The dollar fell to two-week lows against the safe haven yen on Monday as a fresh escalation in tensions between the U.S. and its trading partners sparked a flight to safety.
Trade-war worries remained front and center on Monday, following President Donald Trump’s latest tariff salvos against some of its largest global partners. On Sunday, President Trump said that the U.S. would meet any duties from trade partners with additional levies. Meanwhile, the Australian dollar (AUDUSD) slipped 0.3% to $0.7419.
Based on the early price action, the direction of the EUR/USD the rest of the session will be determined by trader reaction to the 50% level at 1.1681 and the steep uptrending Gann angle at 1.1669. The trend is down and the market is testing a key retracement zone at 1.1681 to 1.1753. This may bring in the sellers who will be trying to form a new secondary lower top.
Investing.com - The safe haven yen strengthened on Monday as a fresh escalation in trade tensions between the U.S. and other major economies hit risk appetite, while commodity linked currencies slipped lower as oil prices declined.
One of the oldest technical analysis patterns, the head and shoulders is a reversal pattern. When forming on more significant timeframes, if many retail traders position themselves on the same side of the market, the pattern often fails. It isn’t mandatory for a strong trend to exist before the head and shoulders pattern to form.
We’re expecting continued pressure on the AUD/USD and NZD/USD today as long as crude oil prices remain lower and concerns over US-China trade relations continue to simmer. The Wall Street Journal is reporting that President Trump plans to bar many Chinese companies from investing in U.S. tech and to block additional technology exports to China.
The direction of the USD/JPY is likely to be determined by the direction and price action in U.S. Treasury yields and U.S. equity markets. Falling yields will tighten the spread between U.S. Government Bonds and Japanese Government bonds, making the Japanese Yen a more attractive investment. A sell-off in U.S. equity markets will trigger the carry trade.
The European Central Bank president, Mario Draghi was speaking at the banking conference event in Portugal last week. The main take away from the speech was that the ECB president promised that the ECB would take time to hike interest rates.
Investing.com – Bitcoin prices recovered on Monday after dipping as low as $5,787 on Sunday, marking its lowest price so far in 2018 as Japan’s regulator called for improved measures at all local exchanges.
The bullish momentum continued through in the Friday’s session as it broke above the 1.16 level and reaching towards the 1.1650 level. The pair pulled back a little from the top as it faced significant resistance. The market from here is expected to continue driven by several factors including geopolitical tension, trade war fears etc. A break above 1.17 level will open the door towards the $1.1850 for the pair. …Read MoreGBP/USD
Over the weekend President Trump indicated that if trade barriers and tariffs against the US were not removed that he would have no choice but to add further sanctions against those countries targeting the US.
The markets are gripped by the trade war of words, the chances of a resolution ahead of 6th July looking slim. The Art of the Deal seems to be failing and that’s not going to be well received by the markets.
Yahoo Finance's Alexis Christoforous and Jared Blikre break down the latest market action as a busy week on the economic calendar begins with stocks in the red. Here's the performance of select Nasdaq 100 stocks as of 10:15 am ET: KHC The Kraft Heinz Company 0.93% MDLZ Mondelez Int'l Inc Cl A 0.65% LILA(HB) Liberty Latin America Ltd Cl A 0.40% AMGN(HB) Amgen Inc 0.37% LILAK Liberty Latin America Ltd Cl C 0.33% SHPG Shire plc ADS 0.30% DLTR Dollar Tree Inc 0.30% MNST Monster Beverage Corporation 0.24% CELG Celgene Corp 0.19% ESRX Express Scripts Hldg Co 0.19% COST Costco Wholesale Corp 0.07% CHTR Charter Communications Inc -0.01% HSIC Henry Schein Inc -0.04% ROST Ross Stores -0.12% FOXA(F) Twenty-First Century Fox Inc A -0.14% FOX(F) Twenty-First Century Fox Inc B -0.21% WBA Walgreen Boots Alliance Inc -0.24% GILD Gilead Sciences -0.34% SBAC SBA Communications'A' -0.35% VIAB Viacom Inc Cl 'B' -0.56% DISCK(HB) Discovery Inc Ser C -0.61% XRAY Dentsply Sirona Inc -0.56% CMCSA Comcast Cl A -0.59% TMUS(HB) T-Mobile US Inc -0.63% TSCO Tractor Supply -0.62% CSX CSX Corp -0.69% FISV Fiserv Inc -0.67% EA Electronic Arts, Inc. -0.74% DISCA(HB) Discovery Inc Ser A -0.75% VRTX Vertex Pharmaceuticals -0.72% BIIB Biogen Inc -0.72% PAYX Paychex Inc -0.74% AAPL Apple Inc -0.76% PCAR PACCAR Inc -0.69% CERN Cerner Corp -0.89% ADP Automatic Data Proc -0.93% CTSH Cognizant Tech Solutions'A' -0.94% LBTYK Liberty Global plc Cl C -0.97% CA CA Inc -1.01% VRSK Verisk Analytics Inc -1.06% REGN Regeneron Pharmaceuticals -1.07% QRTEA Qurate Retail Inc -1.09% MYL Mylan NV -1.07% ORLY O'Reilly Automotive, Inc. -1.11% SIRI(HB) Sirius XM Hldgs Inc -1.12% ALXN Alexion Pharmaceuticals -1.13% INCY Incyte Corp -1.26% MAT Mattel, Inc -1.14% HAS Hasbro Inc -1.18% TSLA Tesla Inc -1.16% LBTYA Liberty Global plc Cl A -1.23% SYMC(E) Symantec Corp -1.24% MSFT Microsoft Corp -1.26% QCOM Qualcomm Inc -1.28% INTU Intuit Inc -1.33% CHKP(HB) Check Point Software Tech -1.34% HOLX Hologic Inc -1.36% VOD Vodafone Grp Plc ADS -1.33% CTAS Cintas Corp -1.38% SWKS Skyworks Solutions -1.44% ATVI Activision Blizzard Inc -1.49% SBUX Starbucks Corp -1.56% AVGO(HB) Broadcom Inc -1.59% CTXS Citrix Systems Inc -1.59% AMAT(HB) Applied Materials -1.64% TXN(HB) Texas Instruments -1.67% LRCX Lam Research -1.71% $NDX.X Nasdaq 100 -1.71% EXPE Expedia Grp Inc -1.77% KLAC KLA-Tencor Corp -1.80% ILMN Illumina Inc -1.84% ADBE Adobe Systems -1.86% WDC Western Digital -1.86% FAST Fastenal Co -1.86% ADI Analog Devices -1.87% BKNG(HB) Booking Hldgs Inc -1.88% ISRG Intuitive Surgical -1.93% AKAM Akamai Technologies -1.93% EBAY eBay Inc -1.97% ULTA Ulta Beauty Inc -1.97% DISH DISH Network Corp Cl A -2.12% MAR Marriott Int'l Cl A -2.10% XLNX Xilinx Inc -2.08% GOOG Alphabet Inc Cl C Cap Stock -2.09% CSCO Cisco Systems -2.31% FB Facebook Inc -2.35% GOOGL Alphabet Inc Cl A -2.34% MXIM Maxim Integrated Prod -2.42% AAL American Airlines Grp inc -2.52% INTC Intel Corp -2.51% PYPL PayPal Hldgs Inc -2.56% AMZN Amazon.com Inc -2.58% TRIP TripAdvisor Inc When-Issued -2.74% STX(HB) Seagate Tech -3.04% MCHP Microchip Tech -3.16% NXPI NXP Semiconductors N.V. -3.46% NVDA Nvidia Corp -3.78% BMRN Biomarin Pharmaceutical -3.87% BIDU(HB) Baidu Inc -3.85% NTES Netease Inc Ads -3.97% ADSK Autodesk, Inc -4.03% CTRP Ctrip.com Intl Ltd -4.33% JD JD.com Inc -4.57% AABA(HB) Altaba Inc -4.63% MU Micron Tech -5.03% NCLH Norwegian Cruise Line Hldg -5.68% NFLX Netflix Inc -5.57%