|Day's Range||0.744 - 0.747|
|52 Week Range||0.7284 - 0.7821|
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.
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.
The whole of last week was positive for USD and negative for oil. Why is it important here? The reason for this is that the price of oil is very influential for the Canadian dollar.
Ahead of the day, the Greenback might show some good upward movements making the Index touching the 2/1 Gann fan. Oil prices dropped after the statement of US Secretary of State Mike Pompeo.
Crude prices slipped 3.2% last night as demand appeared to fade. Yesterday, more than 600 US Companies wrote a letter to President Trump requesting to resolve the trade dispute with China.
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.
Oil prices rose around 3.8% in the early hours as two Saudi Oilers got attacked in the Gulf of Oman. Cable down as Brexit Hardliner Boris won the first ballot. Weak Jobless Claims strengthened rate cut hopes.
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.
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.
Technical analysis gives us some hints, that this movement should be continued, at least on the Dollar Index and the EURUSD but do we have the same situation on other pairs with the USD?
Crude slipped last night over weaker oil demand outlook and increased US Crude Stockpiles. Ahead of the day, the market eye the US May Inflation data, which remains highly crucial.
OPEC members, including Russia, continued to maintain supply cuts to provide support to the subdued Crude prices. The technicals on USD/CAD suggesting strong downtrend with less possibility of reversal.
Positive update on the US-Mexico trade front sets market mood elevating crude prices to $54.50 bbl marks. Technical Indicators signal an overall bearish trend for the pair.
U.S nonfarm payrolls and wage growth will be the main event of the day. Outside of the stats, will be there any trade chatter to rile the markets?
The US Officials to gather again for the second-day meeting today to negotiate over Mexican tariffs. Last day’s meet showed “not nearly enough” progress. Gann Chart indicated a bull trend in the long run for the Loonie pair.
US Dollar slipped as ADP May Employment data reported lower than market estimates. Aussie QoQ Q1 GDP recorded 0.4% over 0.5% estimates. Following EIA reports, the Crude Oil Futures dropped 5.43% reaching near $50.64 bbl.
The Relative Strength Index (RSI) for the Loonie pair indicated reduced levels below 20 marks. Next catalyst for the Crude Prices is the EIA Crude Oil Stocks Change reports to come at around 14:30 GMT.
Dollar weakness continues in the early part of the day as the market focus shifts to today’s service sector PMI numbers…
Positive Spain, Italy, and Eurozone Unemployment figures helped the EUR/USD pair climb new heights. Fed Powell addressed that the Bank would take appropriate steps to sustain economic growth. Oil prices fell over the escalating trade dispute.
The RBA cut rates this morning. The focus now shifts to today’s stats out of the EU and U.S and FED Chair Powell.
Positive Chinese PMI data strengthened the AUD & NZD. The Crude Oil prices remained in the lower price range of $52.50/54.50 bbl amid trade tensions and recession fears. Fiber took a back seat and kept rising over USD Index slump.
The pair continued to travels upward the 3:1 Gann line, sustaining the strong uptrend. After China and Mexico, Trump is looking at India. Oil drops over trade concerns.