|Day's Range||1.119 - 1.125|
|52 Week Range||1.1110 - 1.1815|
The euro fell against the dollar on Tuesday, while European stocks and U.S. stock futures rose after European Central Bank President Mario Draghi indicated the bank is ready for more stimulus if the euro-area economy doesn't improve, at a conference in Portugal. Draghi said the risk outlook for the European economy "remains tilted to the downside, and indicators for the coming quarters point to lingering softness," in prepared remarks for an ECB Forum in Sintra. "In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required," he said. The euro [s:eurusd] was last down 0.3% against the dollar to $1.182, while the Stoxx Europe 600 index rose 0.7% and Dow Jones Industrial Average futures gained 75 points, or 0.3%, to 26,208. S&P 500 futures rose 8.95 points or 0.3%. Gold prices gained $6.70, or 0.5%, to $1,349 an ounce.
The RBA talks of further rate cuts as the UK Tory Party Leadership race heats up. Stats out of the Eurozone will also be relevant later this morning.
Investing.com - The British pound fell to five-and-a-half month lows on Tuesday in Asia as fears over the threat of a no-deal Brexit resurfaced.
Based on the current price at 97.020, the direction of the September U.S. Dollar Index into the close is likely to be determined by trader reaction to the Fibonacci level at 97.020.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the support pivot at 1.1228 to 1.1227.
The U.S. dollar fell on Monday after manufacturing activity in the New York area fell to a two-and-a-half year low in June, while other currencies remained quite ahead of a flurry of central bank meetings. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.1% to 96.935 by 11:25 AM ET (15:25 GMT). Data on Monday showed that manufacturing activity in the New York region posted a record drop in June, as economic activity in the area contracts.
After a sharp fall on Friday, EUR/USD is seen consolidating near its 200-period moving average on a 4-hour chart. All eyes will be on the Fed meeting later this week. Ahead of it, the pair has some potential to bounce higher.
Investing.com - In what is set to be a busy week, the Federal Reserve’s latest interest rate announcement will dominate trader’s attention amid expectations that the central bank could flag plans to ease monetary policy.
Today’s positive US data seemed to mitigate the speculations over a probable Fed rate cut. Fiber dropped 0.66% reaching near 1.1214 levels amid Greenback upsurge and weak German & Italian data.
The Euro initially shot higher during trading on Friday, but then pulled back a bit to show signs of weakness again. Ultimately, we are testing a major support level underneath so it’s likely that we continue to see volatility.
EUR/USD seems to have fallen into a range below 1.1280 ahead of US retail sales which are scheduled for release today. I expect some volatility from the release, but I think the markets will be more focused on the Fed who are scheduled to meet next week.
US market received an unexpected bounce from surging oil prices as energy stocks topped the list of winners. But investor sentiment remains supported by the one constant that keeps the S&P 500 ticking, the allure of the Federal Reserve easy money policy.
It’s a litmus test for the U.S economy today. Retail sales and consumer sentiment figures will give the FED an idea of how consumers really feel.
Investing.com -- The dollar was lower against the yen and euro early Friday in Europe but higher against risk proxies such as the Aussie dollar as traders shunned risk ahead of a weekend set to be marked by geopolitical tensions.
It looks like the calm in the currencies is drawing to a close and volatility is about to pick up. So far, so good. We’re at a crossroads these days: after a recent string of declines, the USD appears to be catching a bid. This is not without repercussions and a move either way will be profoundly felt across the markets. But which way that move will be? Read on to find out – and also get positioned accordingly.
The next FOMC meeting will take place on June 19, and on June 13 the interest rates markets were pricing in a rate cut of 25 bps by 24.2%, while the likelihood of the Fed leaving rates unchanged in the 225-250 interval was at 75.8%.
Based on the early price action, the direction of the EUR/USD on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 1.1297. We’re still waiting for a confirmation of the closing price reversal top. Volatility is likely to pick up once 1.1283 is taken out and the chart pattern is confirmed.
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The U.S. dollar was slightly higher on Thursday as traders increased expectations that the Federal Reserve will cut interest rates in the coming months. Consumer inflation data on Wednesday helped support the case for a cut, as it slipped from the Fed's 2% target. Traders have been speculating on the possibility of the central bank changing its course on monetary policy due to slowing inflation and rising trade tensions.
The Greenback is on the back foot early as the Asian markets respond to softer inflation out of the U.S. Australian employment figures failed to impress this morning.
When it comes to the U.S.-China trade fight, bond traders are too pessimistic, stock traders are too optimistic, and currency traders are too complacent, say analysts at Bank of America Merrill Lynch.
ECB President Mario Draghi commented today that the Central and Eastern Europe remains vulnerable to the trade war headwinds. Weak EIA Crude data resulted in a decline of Oil prices.
The Euro rallied a bit during early trading on Wednesday but continues to find a lot of trouble in the neighborhood of 1.1350. As long as that’s the case, it’s very likely that we will get some type of pullback.