|Day's Range||97.55 - 97.91|
|52 Week Range||96.33 - 98.67|
Watch the Euro for direction since it represents about 57% of the index. A weaker Euro could trigger a turnaround in the index. A stronger Euro will likely mean further downside pressure on the dollar index. Today’s U.S. Durable goods report and the European Parliamentary Elections could be the catalysts behind heightened volatility. Dollar bulls don’t want to see a weak durable goods report.
Brexit and EU Elections along with UK retail sales figures to influence the GBP, with durable goods orders out of the U.S also in focus.
The Euro pair seesawed throughout the day. Greenback rivals benefitted out of its fall. Crude Oil plummeted around 6% today, allowing the Loonie to continue the upward movement.
Based on the early price action, the direction of the June U.S. Dollar Index on Thursday is likely to be determined by trader reaction to yesterday’s close at 97.881. Better-than-expected data could spike the Euro higher and the U.S. Dollar Index lower. The index could make a new high for the year if the data comes in weaker than expected.
MPs might reject May’s new improvised deal for the fourth consecutive time. Oil prices dropped over huge crude stockpiles as per EIA report. Trump eye on more Chinese Survellience firms.
The incredible strength of the US Dollar over the past 12+ months has put downward pricing pressure on Gold and Silver. I believe this downward pricing pressure could be muting any upside price advanced in Gold and Silver by as much as 20% to 30% or more.
UK Inflation and European politics to whipsaw the Pound ahead of the FED monetary policy meeting minutes later today.
Crude Oil WTI Futures continued to climb the ladder amid OPEC-led supply cut fears. PM May stated that she will give MPs last chance to back her “new improvised deal”. EUR/USD pair uplifted on USD plunge.
Gold and other precious metals are trading down amid firm dollar and risk appetite due to Trump relief on Huawei.
In our continued effort to help skilled traders/investors understand the future risks associated with geopolitical market turmoil, the EU Elections next week and the continued US/China trade war, this Part III of our Sector Rotation article will highlight certain sectors that we believe may continue to perform over the next 12 to 24+ months and help traders/investors survive any extended price volatility/rotation over that same time.
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.
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”.
In our opinion, there are a number of elements to the unfolding global market economics that play into our future expectations. China becomes one of the biggest unknowns simply because we believe the best information we have at the moment is shaded and hidden in terms of true values. Let’s take a minute to discuss a few of them…
Our research team, at www.TheTechnicalTraders.com, have been pouring over the charts and data to identify what is likely to happen over the next 60+ days in terms of global stock market volatility vs. the US stock market expectations.
Robust growing USD Index pushed down all its major rivals. Hence, EUR/USD pair plunged despite positive Euro-specific data. Meanwhile, the Cable continued to douse in fall amid Brexit chaos.
Based on the earlier price action and the current price at 97.780, 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 97.850.
Traders are taking advantage of a lull in news flow stemming from US-China trade tensions to send Asian stocks higher.
A relatively quiet economic calendar leaves Brexit and trade war chatter in focus. Is the trade spat about to get worse and can Theresa May deliver?
Loonie remained seesawed during the day. The Aussie pair continued plunge rally for four days in a row. The Fiber lost hold of its early consolidation mode and slipped to weekly lows near 1.1173 levels.
Based on the early price action, the direction of the June U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the 50% level at 97.450.
Buying sentiment towards the Dollar took a hit on Wednesday afternoon after US retail sales unexpectedly declined in April for the second time in three months.
The Aussie Dollar touches sub-$0.69 as more stats disappoint. Chatter on trade and a sparse economic calendar will be in focus today.
The Greenback slipped drastically over poor US April Retail Sales figures. USD/CNY pair got elevated earlier the day underpinned weaker-than-expected Chinese data.
Based on the current price at 97.470, the direction of the June U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 97.448.
The early Wednesday movements in Asia suggest that investors are tepidly putting some risk back on the table, even as uncertainties surrounding US-China trade tensions continue to cast a cloud over market sentiments.