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Euro-Zone’s Sentix Investor Confidence Index Declined In June
For the 24 hours to 23:00 GMT, the EUR rose 0.11% against the USD and closed at 1.1328.
In economic news, Euro-zone's Sentix investor confidence index fell to a level of -3.3 in June, surpassing market expectations for a drop to a level of 2.5. The index had registered a level of 5.3 in the prior month.
In the US, data showed that the NFIB small business optimism index unexpectedly advanced to a 7-month high level of 105.0 in May, defying market consensus for a decline to a level of 102.0. In the preceding month, the index had recorded a level of 103.5. Moreover, the nation's producer price index (PPI) climbed 1.8% on a yearly basis May, rising at its weakest pace in a year and compared to a gain of 2.2% in the previous month. Market participants had envisaged the PPI to record a rise of 2.0%.
In the Asian session, at GMT0300, the pair is trading at 1.1330, with the EUR trading slightly higher against the USD from yesterday's close.
The pair is expected to find support at 1.1309, and a fall through could take it to the next support level of 1.1288. The pair is expected to find its first resistance at 1.1344, and a rise through could take it to the next resistance level of 1.1358.
Amid lack of macroeconomic releases in Euro-zone today, investors will focus on the US consumer price index for May along with MBA mortgage applications, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
USD/JPY Daily Outlook
Daily Pivots: (S1) 108.30; (P) 108.56; (R1) 108.77; More...
Intraday bias in USD/JPY remains neutral as consolidation from 107.81 is still extending. Upside of recovery should be limited by 109.02 support turned resistance to bring fall resumption. On the downside, sustained break of 61.8% retracement of 104.69 to 112.40 at 107.63 will pave the way back to 104.62/9 key support zone. Though, break of 109.02 support turned resistance will indicate short term bottoming and bring lengthier consolidations first.
In the bigger picture, decline from 118.65 (Dec 2016) is still in progress, with the pair staying indicate long term falling channel. Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51. For now, we'd expect strong support above 98.97 (2016 low) to contain downside to bring rebound.
UK’s ILO Unemployment Rate Remained Unchanged At A 45-Year Low Rate In February-April 2019
For the 24 hours to 23:00 GMT, the GBP rose 0.27% against the USD and closed at 1.2723.
On the data front, UK's ILO unemployment rate remained unchanged at a 45-year low rate of 3.8% in the February-April 2019 period, meeting market expectations. Meanwhile, Britain's average earnings including bonus advanced 3.1% on an annual basis in the three-months ended April 2019, compared to a gain of 3.2% in the January-March 2019 period. Market participants had anticipated average earnings including bonus to register a climb of 3.0%.
In the Asian session, at GMT0300, the pair is trading at 1.2718, with the GBP trading marginally lower against the USD from yesterday's close.
The pair is expected to find support at 1.2680, and a fall through could take it to the next support level of 1.2642. The pair is expected to find its first resistance at 1.2746, and a rise through could take it to the next resistance level of 1.2774.
Moving ahead, traders would keep an eye on UK's RICS house price balance for May, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Japan’s Machinery Orders Unexpectedly Climbed At Its Quickest Pace In 6 Months In April
For the 24 hours to 23:00 GMT, the USD rose 0.10% against the JPY and closed at 108.54.
Data revealed that Japan's flash machine tool orders plunged 27.3% on an annual basis in May, following a fall of 33.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 108.47, with the USD trading 0.06% lower against the JPY from yesterday's close.
Overnight data showed that Japan's machinery orders unexpectedly climbed 5.2% on a monthly basis in April, growing at its quickest pace in 6 months and confounding market expectations for a drop of 0.8%. In the prior month, machinery orders had recorded a rise of 3.8%.
The pair is expected to find support at 108.34, and a fall through could take it to the next support level of 108.21. The pair is expected to find its first resistance at 108.70, and a rise through could take it to the next resistance level of 108.93.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3253; (P) 1.3281; (R1) 1.3312; More...
Intraday bias in USD/CAD remains neutral for consolidation above 1.3239 temporary low. Upside of recovery should be limited by 1.3363 support turned resistance to bring fall resumption. Choppy rise from 1.3068 has completed at 1.3564 already. Fall from 1.3564 is likely resuming the decline from 1.3664 medium term top. Break of 1.3239 will turn bias back to the downside for 1.3052/68 cluster support.
In the bigger picture, the strong break of medium term channel support now argues that up trend from 1.2061 (2017 low) has completed at 1.3664 (2018 high), just ahead of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, and 1.3793 resistance. Decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm and pave the way to 61.8% retracement at 1.2673 next. For now, risk will remain on the downside as long as 1.3564 resistance holds, even in case of strong rebound.
Swiss Franc Trading Slightly Higher In The Asian Session
For the 24 hours to 23:00 GMT, the USD rose 0.29% against the CHF and closed at 0.9925.
Macroeconomic data indicated that Switzerland’s total sight deposits eased to a level of CHF578.1 billion in the week ended 07 June 2019, from CHF578.2 billion in the previous week.
In the Asian session, at GMT0300, the pair is trading at 0.9922, with the USD trading a tad lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9898, and a fall through could take it to the next support level of 0.9873. The pair is expected to find its first resistance at 0.9942, and a rise through could take it to the next resistance level of 0.9961.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Loonie Extends Its Losses In The Morning Session
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD and closed at 1.3283.
In the Asian session, at GMT0300, the pair is trading at 1.3284, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3253, and a fall through could take it to the next support level of 1.3222. The pair is expected to find its first resistance at 1.3312, and a rise through could take it to the next resistance level of 1.3340.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Australia’s Westpac Consumer Confidence Dropped In June
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD and closed at 0.6961.
LME Copper prices rose 2.0% or $117.0/MT to $5905.0/MT. Aluminium prices rose 2.0% or $34.0/MT to $1754.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6952, with the AUD trading 0.13% lower against the USD from yesterday's close.
Overnight data showed that Australia's Westpac consumer confidence index fell 0.6% on monthly basis to a level of 100.7 in June, compared to a reading of 101.3 in the prior month.
Elsewhere in China, Australia's largest trading partner, the consumer price index (CPI) rose 2.7% on a yearly basis in May, at par with market expectations, following an increase of 2.5% in the prior month. Moreover, the nation's producer price index (PPI) climbed 0.6% on a yearly basis in May, in line with market forecast. In the previous month, the PPI had registered a rise of 0.9%.
The pair is expected to find support at 0.6944, and a fall through could take it to the next support level of 0.6936. The pair is expected to find its first resistance at 0.6963, and a rise through could take it to the next resistance level of 0.6974.
Moving forward, traders would await Australia's consumer inflation expectations for June and unemployment rate for May, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Reverses Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, Gold declined 0.12% against the USD and closed at USD1330.70 per ounce, amid profit booking.
In the Asian session, at GMT0300, the pair is trading at 1336.00, with gold trading 0.40% higher against the USD from yesterday’s close.
The pair is expected to find support at 1327.63, and a fall through could take it to the next support level of 1319.27. The pair is expected to find its first resistance at 1340.33, and a rise through could take it to the next resistance level of 1344.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
Silver: White Metal Trading On A Stronger Footing This Morning
For the 24 hours to 23:00 GMT, Silver rose 0.27% against the USD and closed at USD14.73 per ounce.
In the Asian session, at GMT0300, the pair is trading at 14.80, with silver trading 0.44% higher against the USD from yesterday’s close.
The pair is expected to find support at 14.68, and a fall through could take it to the next support level of 14.57. The pair is expected to find its first resistance at 14.85, and a rise through could take it to the next resistance level of 14.91.
The white metal is trading above its 20 Hr and 50 Hr moving averages.
