|Day's Range||110.21 - 110.626|
|52 Week Range||106.7760 - 114.5110|
Sterling slumped on Wednesday after reports that U.K. Prime Minister Theresa May could resign as soon as today amid Brexit chaos caused a sell-off of the pound. The U.S. is looking at similar restrictions on other companies, including Chinese video surveillance company Hikvision, according to Bloomberg and the New York Times.
Based on yesterday’s close at 110.485 and the current price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the 50% level at 110.355.
UK Inflation and European politics to whipsaw the Pound ahead of the FED monetary policy meeting minutes later today.
Investing.com - The U.S. dollar was hovering near one-month highs against a currency basket on Wednesday, supported by higher U.S. Treasury yields after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei.
The US dollar’s rallied a bit against the Japanese yen during early trading on Tuesday, in a sign of strength yet again. This of course is a pair that is very sensitive to risk appetite globally so you have to keep that in mind.
The British pound initially broke down below the ¥140 level but found enough buyers underneath the turn things back around. This of course is in direct correlation to the fact that Theresa May has the backing ever cabinet members for whatever new deal she’s about to propose.
Based on the early price action and the current price at 97.900, the direction of the June U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 97.950.
Based on the early price action, the direction of the USD/JPY on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 110.030. A sustained move over 110.030 will indicate the presence of buyers. Taking out 110.318 will negate the reversal top, while a move through the 50% level at 110.355 could trigger a spike into the short-term Fibonacci level at 110.672.
Investing.com - The Australian dollar slipped against its U.S. counterpart on Tuesday in Asia after the Reserve Bank of Australia hinted that it would consider a case for a rate cut in June.
The Safe-haven pair dropped from last week’s high amid positive Japanese data and plunging USD Index. Iran Foreign Minister commented on Trump’s tweets against Iran as “genocidal taunts”.
The US dollar when sideways against Japanese yen for the most part during the trading session on Monday. At this point, it looks like the market is trying to figure out what is going to do about the US/China trade situation.
The British pound initially tried to rally against the Japanese yen during the trading session on Monday, but a slew of press releases from China of course has poured cold water on the rally.
The return of domestic political turmoil in the United Kingdom has led to a flurry of selling momentum for the British Pound, which fell over 300 pips during the previous trading week.
June U.S. Dollar Index traders should keep an eye on the Euro since it is heavily weighted in the index. The Dollar Index could weaken if the EUR/USD takes out 1.1164 and strengthen if the EUR/USD breaks through 1.1152.
Based on last week’s price action and the close at 110.068, the direction of the USD/JPY this week is likely to be determined by trader reaction to the uptrending Gann angle at 110.180.
Investing.com - The Chinese yuan rose against the U.S. dollar on Monday in Asia. In a report published late Friday, the People’s Bank of China (PBOC) said they would continue with stimulus while keeping the currency steady.
The Australian Dollar now has the dubious honour of being the worst-performing G10 currency so far this month, in the leadup to its federal elections on May 18.
The US dollar initially fell during most of the week, but since then we have gone back and forth on the daily charts to form a bit of a zigzag on the way back to the highs. Adding more interest to the market is the fact that we are forming a weekly hammer.
The British pound fell rather hard during the week and a lot of risk aversion when it comes to the Brexit. This of course makes quite a bit of sense, as the political situation with Theresa May looking very likely to retire has a lot of questions attached to it.
The US dollar fell a bit during the trading session on Friday, as we continue to see a lot of noise against the Japanese yen. This makes sense, because there’s a lot of noise coming out of the US/China trade situation, and of course the Japanese yen is an extraordinarily “safe currency.”
The British pound fell rather hard during the trading session on Friday, as we had a bit of a “risk off” move during Asia. As the Chinese suggested that there is no real hope of talks continue in the short term, that of course at the Asian markets selling off. However, by the time the Americans came on board, things started to change.