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U.S. Dollar Weak Ahead of NFP, Sterling dipped after Boris's Tantrums

Updated 09:16AM 06/09/2019


 

NZD and AUD are the top G10 FX gainers today, up 0.49% and 0.23% vs the dollar while GBP and CHF are the top losers, down -0.24% and -0.22% vs the dollar. The U.S. dollar fell on Friday looking likely to finish with a biggest weekly loss over the past month; expectations are that the Federal Reserve will cut interest rates this month. In the UK, the parties in the opposition will discuss how to respond to Boris Johnson's call for a snap election after the PM said that he would rather die in a ditch than delay Brexit. Lawmakers will hold another vote on an early election on Monday. Elsewhere, risky assets caught a bid with the Australian and New Zealand dollar rallying as the U.S. reported strong data and tension over the United Kingdom eased. In the Asian equities space, the Nikkei 225 closed 0.54% higher at 21,199.57, Hang Seng closed 0.66% at 26690.76 and Kospi ended 0.22% at 2009.13. The European equities were trading mixed with the FTSE -0.02% at 7269.68, DAX 0.08% at 12136.72, and CAC 0.02% at 5594.46. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.5925% and the Bund 10-year yield trading at -0.598%. In the energy space, the Brent (front month) is trading up (0.1%) for the day at $61.01.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

Trade Weighted Basket Hourly (two-week)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Support at 1.1019 for 1.1097
Short-term view: EUR/USD downtrend is broken and support at 1.1019. Hence, we see a move to 1.1097. Below 1.1019 to open 1.0975

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2339 for 1.2219
Short-term view: GBP/USD resistance at 1.2339, MACD and RSI are topping out. We see risk of a dip to 1.2219. Above 1.2339 to open 1.2381, likely 1.2433

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 107.48 for 106.40
Short-term view: USD/JPY has resistance around 107.48 MACD and RSI are topping out, hence, we see a move lower to 106.040, likely 106.40. Above 107.48 opens 108.01

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6869 for 0.6780
Short-term view: AUD/USD MACD and RSI are topping out, resistance at 0.6869 for a move lower towards 0.6780, likely 0.6725. Above 0.6869 we look for 0.6920 in the immediate short-term.