2023-06-08 10:23

The EUR/USD pair attracts some buying following the overnight pullback from the weekly high and climbs back above the 1.0700 mark during the Asian session on Thursday. (FXStreet) The GBP/USD pair has sensed selling pressure around 1.2450 in the early European session. The strength in the Cable seems waned as the US Dollar Index (DXY) attempted a recovery after a correction below 104.00. (FXStreet) USD/CHF remains pressured around the intraday low near 0.9090, despite the latest corrective bounce off the day’s low heading into Thursday’s European session. In doing so, the Swiss Franc (CHF) pair drops for the first day in three. (FXStreet) The USD/JPY pair has shown some recovery after dropping to near 139.66 in the early London session. The asset is expected to recapture the crucial resistance of 140.00 as investors are hoping that the Federal Reserve (Fed) will raise interest rates further to bring down sticky United States inflation. (FXStreet) The AUD/USD pair has extended its recovery and is marching toward the round-level resistance of 0.6700 in the European session. The Aussie asset has resumed its upside journey as the US Dollar Index (DXY) has extended its downside. (FXStreet) The NZD/USD pair stages a solid bounce from the 0.6030-0.6025 region, or a one-week low touched this Thursday and builds on its momentum through the early part of the European session. Spot prices climb to the 0.6075-0.6080 area in the last hour and have now reversed the previous day's downfall. (FXStreet) USD/CAD fades bounce off intraday low as it drops to 1.3360 heading into Thursday’s European session, after refreshing the monthly bottom at 1.3320 the previous day. In doing so, the Loonie pair cheers the US Dollar weakness while paying little heed to the mildly offered WTI crude oil price, which is Canada’s main export earner. (FXStreet) The EUR/JPY pair is continuously trading sideways below the psychological resistance of 150.00 in the European session. The cross is trading non-directionally as investors are preparing for the interest rate decisions by the European Central Bank (ECB) and the Bank of Japan (BoJ). (FXStreet) The AUD/JPY pair showed a V-shape recovery from the critical support of 93.00 in the London session. The risk barometer has stretched its V-shape recovery to near 93.40 as the street is hoping that the Reserve Bank of Australia (RBA) is going to raise interest rates further. (FXStreet) The EUR/CAD cross prolongs its recent downtrend witnessed over the past week or so and remains under some selling pressure for the third straight day on Thursday - also marking the sixth day of a negative move in the previous seven. The cross maintains its offered tone through the early European session and drops to the 1.4285-1.4280 region, its lowest level since February 13 in the last hour. (FXStreet) The GBP/JPY cross struggles to capitalize on the previous day's goodish recovery of over 175 pips from the 172.65 area, or a one-and-half-week low and edges lower on Thursday. Spot prices remain on the defensive heading into the European session and currently hover near the lower end of the narrow intraday trading band, just above the 174.00 mark. (FXStreet) USD/MXN takes offers to refresh the intraday low near 17.34 during the early hours of Thursday’s European session. In doing so, the Mexican Peso (MXN) pair fades late Wednesday’s corrective bounce off the lowest levels since May 2016 while printing a four-day losing streak. (FXStreet) USD/INR justifies the Reserve Bank of India (RBI) inaction during early Thursday as it reverses the initial losses around 82.60 after the Indian central bank’s monetary policy decision. In doing so, the Indian Rupee (INR) fails to justify the US Dollar’s weakness amid mixed market sentiment. (FXStreet) The USD/TRY pair eases from the 24.00 neighbourhood, or a fresh all-time high touched during the Asian session on Thursday, though any meaningful corrective decline still seems elusive. Spot price currently trades around the 23.30 area, down just over 0.10% for the day. (FXStreet) USD/CNH remains on the front foot at the highest levels in six months, mildly bid near 7.1530 during early Thursday, as fears of the Federal Reserve’s (Fed) rate hikes contrast with the concerns that the People’s Bank of China will cut the benchmark rates. That said, the market’s fears of economic slowdown also weigh on the offshore Chinese Yuan (CNH). (FXStreet) West Texas Intermediate (WTI), futures on NYMEX, are oscillating in a limited range above $72.00 in the late Asian session. The oil price is taking sufficient time required to digest demand catalysts belonging to the United States and China. Apart from that, investors are preparing for the Federal Reserve’s (Fed) interest rate policy for June. (FXStreet) Natural Gas (XNG/USD) Price eases from the weekly top, paring intraday gains, as the energy instrument buyers fail to cross the 200-SMA amid early Thursday. With this, the XNG/USD prints mild losses of around $2.38 by the press time. (FXStreet) Gold price (XAU/USD) attempted a recovery after dropping to near $1,940.00. The precious metal has extended its rebound move to near $1,950.00 as the US Dollar Index (DXY) has dropped sharply. Broader choppiness in the USD Index has kept investors on their toes. An absence of potential triggers this week has bounded the USD Index in a limited territory. (FXStreet) Silver regains positive traction on Thursday and stalls the previous day's retracement slide from over a three-week high - levels just above the $24.00 round-figure mark. The white metal builds on its steady intraday ascent heading into the European session and hits a fresh daily top, around the $23.65 region in the last hour. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-07 09:53

The EUR/USD pair has witnessed some selling interest after facing stiff barricades around 1.0700 in the early European session. The major currency pair is consistently defending the crucial support of 1.0670, therefore, a breakdown of the same would result in wider bearish ticks. The Euro has come under pressure as investors are anticipating a bleak economic outlook in Eurozone. (FXStreet) The GBP/USD pair has found a decent buying interest near the round-level support of 1.2400 in the London session. The Cable has shown recovery due to a decline in the US Dollar Index (DXY). The USD Index has faced selling pressure while attempting to reclaim Tuesday’s high around 104.40. (FXStreet) The USD/CHF pair edges higher for the second successive day on Wednesday, albeit lacks follow-through and remains well within over a one-week-old trading band. Spot prices hover around the 0.9075-0.9080 region during the early part of the European session, below a technically significant 100-day Simple Moving Average (SMA) and a nearly two-month high touched last week. (FXStreet) The USD/JPY pair is juggling in a narrow range above the crucial support of 139.00 in the Asian session. The asset seems vulnerable above the aforementioned support as the US Dollar Index is losing its charm. Where major central banks are gearing up for a fresh interest rate hike, investors are anticipating that the Federal Reserve (Fed) could pause its policy-tightening spell as the impact of interest rate hikes yet made has not passed. (FXStreet) The AUD/USD pair is consistently failing to climb above the immediate resistance of 0.6680 in the European session. The Aussie asset is not getting the required strength despite a hawkish commentary came from the Reserve Bank of Australia. (FXStreet) The NZD/USD pair struggles to capitalize on its modest gains registered over the past two days and comes under some selling pressure on Wednesday. The pair maintains its offered tone through the early European session and is currently placed near the daily low, near the 0.6060 area, down around 0.20% for the day. (FXStreet) The EUR/JPY cross drifts lower for the third successive day and drops to a multi-day low during the first half of trading action on Wednesday. Spot prices, however, recover a few pips during the early European session and bounce back to the 149.00 mark in the last hour. (FXStreet) The EUR/CAD has delivered a breakdown of the consolidation formed in a narrow range of 1.4320-1.4340 in the London session. The asset has dropped to near the round-level support of 1.4300. More action is anticipated from the pair ahead of the interest rate decision by the Bank of Canada (BoC). (FXStreet) USD/CAD aptly portrays the Loonie trader’s cautious mood ahead of the Bank of Canada (BoC) Interest Rate Decision as it pares recent losses around a multi-day low heading into Wednesday’s European session. That said, the quote stays defensive near the lowest level in a month despite recently picking up bids to 1.3405. (FXStreet) EUR/GBP remains pressured around the intraday low near 0.8600 during the second daily fall amid the early hours of Wednesday’s London open. In doing so, the cross-currency pair takes clues from the downbeat German data while ignoring hawkish comments from the European Central Bank (ECB) officials and pessimism in the UK. (FXStreet) The USD/TRY pair has witnessed a loss in the upside momentum after printing an all-time high of 22.08 in the late Asian session. The asset is expected to resume its upside journey as the sentiment about Turkish Lira has been soured after President Erdogan got another term. President Erdogan is working on reshuffling the cabinet and taking the economic policy in a new direction. (FXStreet) USD/INR clings to mild gains around 82.55 as it defies the previous day’s Doji candlestick amid early Wednesday. In doing so, the Indian Rupee (INR) pair seems to justify the market’s dovish hopes from the Reserve Bank of India (RBI) ahead of Thursday’s monetary policy decision. (FXStreet) USD/CNH looks set to reclaim 7.1300 as it rebounds from the intraday low amid mixed China trade numbers published early Wednesday. In doing so, the offshore China Yuan (CNH) fails to justify recently sluggish, mostly downbeat, US Dollar moves. (FXStreet) WTI crude oil rebounds from the intraday low of $71.25 heading into Wednesday’s European session. In doing so, the black gold remains bearish for the second consecutive day amid economic fears, as well as the recent recovery in the US Dollar. (FXStreet) Natural Gas (XNG/USD) price is demonstrating a back-and-forth action around $2.30 in the London session. The energy instrument is struggling to find any direction as investors are awaiting the release of the stockpiles for the week ending June 02 by the United States Energy Information Administration (EIA) on Thursday. (FXStreet) Gold price (XAU/USD) has displayed a sharp drop to near $1,960.00 in the European session. The precious metal is trying to come out of the woods. A minor sell-off in the Gold price has been propelled by a recovery extension in the US Dollar Index (DXY). (FXStreet) Silver comes under some selling pressure on Wednesday and sticks to its modest intraday losses through the early part of the European session. The white metal is currently placed just below the mid-$23.00s, with bears now awaiting a break below the 200-hour Simple Moving Average (SMA) before placing fresh bets and positioning for any further losses. (FXStreet) Bitcoin (BTC/USD) fell through recent support yesterday on the back of the Binance news and currently trades around $25.5k. A previous level of resistance turned support around $25.2k is close and may not hold the current wave of negative sentiment hitting the cryptocurrency space. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-06 09:47

The EUR/USD pair has delivered an upside break of the consolidation formed in a narrow range below 1.0730 in the Asian session. The major currency pair has got strength as the US Dollar Index (DXY) has shifted its auction below 104.00. (FXStreet) The GBP/USD pair struggles to capitalize on the previous day's goodish rebound of over 70 pips and attracts fresh sellers near the 1.2455-1.2460 region, or the 50-day Simple Moving Average (SMA), on Tuesday. Spot prices turn lower for the third straight day and trade just above the 1.2400 round-figure mark during the first half of the European session. (FXStreet) USD/CHF extends the previous day’s losses as sellers prod a one-month-old rising support line around 0.9050 amid early Tuesday morning in Europe. That said, a broad US Dollar weakness allows the Swiss Franc (CHF) pair to please sellers for the second consecutive day. In doing so, the quote justifies the upbeat inflation numbers from Switzerland. (FXStreet) The USD/JPY pair has found an intermediate cushion around 139.00 in the London session. The downside momentum in the asset has been intervened as the US Dollar Index (DXY) has displayed a decent recovery move after defending the crucial support around 103.80. (FXStreet) The AUD/USD pair is struggling in extending the current rally above 0.6680 inspired by the surprise interest rate hike announcement by the Reserve Bank of Australia (RBA). RBA Governor Philip Lowe raised its Official Cash Rate (OCR) by 25 basis points (bps) to 4.10% considering the fact that current Australian inflation is extremely far from the desired level. This has trimmed the RBA-Federal Reserve (Fed) policy divergence. (FXStreet) The NZD/USD pair gains some positive traction for the second successive day on Tuesday and maintains its bid tone through the early part of the European session. Spot prices, however, lack bullish conviction and remain below the 0.6100 round figure, warranting some caution before positioning for an extension of the recent bounce from the YTD low touched last week. (FXStreet) The USD/CAD pair struggles to capitalize on the previous day's modest gains and comes under some renewed selling pressure on Tuesday. Spot prices continue drifting lower through the early part of the European session and drop to a nearly four-week low in the last hour, albeit showed some resilience below the 1.3400 round-figure mark. (FXStreet) The EUR/GBP pair has slipped sharply to near 0.8610 in the London session. The asset witnessed a steep fall after the release of weak German Factory Orders data. Deutsche Bundesbank reported a contraction in monthly Factory Orders by 0.4% while the street was anticipating an expansion by 3.8%. Annual Factory Orders contracted significantly by 9.9% vs. the estimates of 8.4% contraction. (FXStreet) USD/ZAR bears stay in the driver’s seat for the fourth consecutive day after it refreshed an all-time high in the last week. That said, the South African Rand (ZAR) pair drops to the fresh low in a fortnight while taking offers to 19.21 ahead of the South After Gross Domestic Product (GDP) release, scheduled for publishing at 09:30 AM GMT on Tuesday. (FXStreet) EUR/JPY bears cheer downbeat German data to portray the second consecutive daily loss near 149.50 heading into Tuesday’s European session. In doing so, the cross-currency pair also ignores dovish comments from Bank of Japan (BoJ) Governor Kazuo Ueda. (FXStreet) The AUD/JPY pair has jumped to near the crucial resistance of 93.00 after the announcement of a hawkish interest rate decision by the Reserve Bank of Australia (RBA). The RBA has raised its Official Cash Rate (OCR) by 25 basis points (bps) to 4.10%. (FXStreet) AUD/NZD aptly portrays the market’s surprise from the Reserve Bank of Australia’s (RBA) rate hike as it jumps nearly 60 pips to the highest levels since late February, around 1.0955 heading into Tuesday’s European session. (FXStreet) USD/INR stays on the front foot for the third consecutive day around 82.55 as bulls eye rejection of a short-term bearish chart formation during early Tuesday. In doing so, the Indian Rupee (INR) pair prods the top line of a fortnight-long falling trend channel. (FXStreet) West Texas Intermediate (WTI), futures on NYMEX, have witnessed an intense sell-off in the European session. The oil price has shown a vertical decline and has dropped to near $70.63. The black gold has surrendered the majority of gains added to optimism about production cuts by Saudi Arabia. (FXStreet) Natural Gas (XNG/USD) price remains mildly bid near $2.33 amid early Tuesday morning, up for the third consecutive day by the press time. In doing so, the energy asset justify the previous week’s rebound from an upward-slopping support line from the mid-April, as well as an upside break of a fortnight-long resistance-turned-support. Adding strength to the upside bias are the bullish MACD signals and the upbeat RSI (14) line, not overbought. (FXStreet) Gold price (XAU/USD) is auctioning inside the woods around $1,960.00 in the early London session. The precious metal is displaying back-and-forth action as the investing community is divided about the interest rate decision by the Federal Reserve (Fed) to be taken in June’s monetary policy meeting. (FXStreet) Silver continues with its struggle to gain any meaningful traction and oscillates in a narrow trading band for the second straight day on Tuesday. The white metal extends its sideways consolidative price move through the early European session and currently trades around mid-$23.00s, representing the 23.6% Fibonacci retracement level of the downfall witnessed in May. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-02 10:03

AUD/USD scales higher for the second straight day and jumps to a nearly two-week high. Reduced bets for another 25 bps Fed rate hike in June continue to weigh on the Greenback. A positive risk tone further benefits the risk-sensitive Aussie ahead of the key US NFP report. EUR/USD looks to extend Thursday’s sharp uptick well past 1.0700. Improved sentiment in the risk complex bolsters the pair so far. The US economy is expected to have added nearly 200K jobs in May. EUR/USD trims part of the earlier advance to multi-day highs near 1.0780 as a more cautious tone emerges ahead of the release of the US jobs report. USD/CAD continues losing ground for the third straight day and drops to a nearly three-week low. A further recovery in Oil prices underpins the Loonie and exerts pressure amid a weaker Greenback. Reduced bets for another 25 bps Fed rate hike in June weigh on the USD ahead of the NFP report. NZD/USD climbs to over a one-week high on Friday amid some follow-through USD selling. Diminishing odds for another 25 bps Fed rate hike in June continue to weigh on the buck. A positive risk tone further benefits the risk-sensitive Kiwi ahead of the key US NFP report. USD/JPY clings to mild gains during the first positive day in five. Sustained downside break of previous key support, bearish trend channel keeps Yen pair sellers hopeful. 100-HMA acts as the last defense of Yen sellers, bumpy road awaits pair sellers on US NFP day. GBP/USD took advantage of the persistent USD weakness and rose to its highest level in two weeks above 1.2500 on Thursday. The pair clings to small daily gains near 1.2550 early Friday. GBP/JPY remains on the front foot near the highest levels since February 2016. BoE vs. BoJ divergence, recently upbeat UK data allow pair buyers to keep the reins. Yields recover amid market’s rush for bonds, Gold amid easy US Dollar, receding hawkish Fed bets. Risk catalysts are the key for fresh impulse. USD/INR has sensed resistance around 82.40 amid weakness in the USD Index. The Indian Rupee will also remain on tenterhooks as the RBI is expected to keep its repo rate steady. USD/INR has witnessed a steep fall after a breakdown of the inventory distribution. USD/MXN remains pressured at the lowest levels in two weeks after snapping two-day uptrend. Clear downside break of short-term support line, bearish MACD signals favor Mexican Peso buyers. 50-SMA, descending resistance line from late April adds to the upside filters. Oscillators keep sellers hopeful but the downside appears bumpy. USD/CHF remains depressed, poking the key support, ahead of the key US employment report for May. 200-HMA, oversold RSI restrict immediate downside of Swiss Franc pair. Multiple hurdles, Fed concerns prod buyers amid sluggish session. USD/CAD is continuously trading sideways below 1.3450 following the footprints of the USD Index. Seventh straight contraction in US ISM Manufacturing PMI and dovish Fed commentary weigh heavily on the USD Index. USD/CAD witnessed a bloodbath after failing to surpass the supply zone plotted in a range of 1.3652-1.3668. The US Bureau of Labor Statistics (BLS) will release the May jobs report on Friday, June 2 at 12:30 GMT and as we get closer to the release time, here are the forecasts by the economists and researchers of 10 major banks regarding the upcoming employment data. Nonfarm Payrolls in the US are forecast to rise by 190K vs. 253K in April. Meanwhile, the unemployment rate is expected to rise a tick to 3.5% and average hourly earnings are seen steady at 4.4% year-on-year. Gold price is making efforts for keeping auction confidently above $1,980.00 amid the delicate USD Index. Market sentiment is quite positive after the clearance of the US debt-ceiling bill in Congress. The only catalyst that can save the USD index from a further casualty is the US NFP data. Silver climbs to a two-week high on Friday, albeit struggles to capitalize on the move. Bulls now await a sustained move beyond the $24.00 mark before placing fresh bets. Weakness below the 100-day SMA is needed to negate the near-term positive outlook. Market sentiment dwindles as traders await the key US employment report for May. S&P500 Futures print mild gains after snapping three-day downtrend the previous day. US 10-year, two-year Treasury bond yields dribble around respective weekly bottoms. Receding hawkish Fed bias highlights today’s NFP, last rounds of Federal Reserve talks before blackout also important to observe. Bitcoin has gained traction and recovered above $27,000 from the weekly low it set near $26,500 in the Asian trading hours on Friday. Following a two-day slide, Ethereum has staged a rebound and was last seen rising more than 1% on a daily basis at around $1,900. Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-01 09:35

USD/JPY regains positive traction on Thursday and snaps a three-day losing streak. A goodish pickup in the US bond yields boosts the USD and lends support to the pair. Reduced bets for more Fed rate hikes and intervention warnings could cap the major. (FXStreet) GBP/USD pulls back from over a one-week high amid the emergence of fresh USD buying. A positive risk tone and reduced bets for more Fed rate hikes could cap gains for the buck. Expectations that the BoE will raise rates further could underpin the GBP and limit losses. (FXStreet) EUR/USD is oscillating below 1.0700 as the USD Index has climbed above the immediate resistance of 104.30. Federal Reserve policymakers are divided about interest rate guidance, which are creating chaos in financial markets. European Central Bank Muller is confident that the central bank will hike by 25 bps more than once as core inflation is still stubborn. EUR/USD is expected to retrace the entire Fibonacci tool placement plotted from March 15 low at 1.0516 to April 26 high at 1.1095. (FXStreet) NZD/USD is struggling to defend the crucial support of 0.6000 as the USD index is aiming to extend recovery. The overall market mood is expected to remain cautious amid the release of the US Employment and Manufacturing PMI. Caixin Manufacturing PMI data landed higher at 50.9 vs. the consensus and the prior release of 49.5. (FXStreet) USD/CAD remains pressured at the lowest levels in seven days. US Dollar struggles on cautious optimism, mixed Fed concerns. Upbeat Canada GDP teases Loonie buyers; Oil benefits from sluggish USD, mildly positive sentiment. US/Canada PMIs, US employment clues eyed for clear directions. (FXStreet) AUD/USD picks up bids to refresh intraday high, snaps two-day downtrend. Upbeat China Caixin Manufacturing PMI, US debt-ceiling bill passage in the House favor bulls. Bulls sneak in from seven-month-old descending support line but multiple hurdle prod further upside. Bearish MACD signals, challenges to risk-on mood and hawkish Fed bets keep Aussie sellers hopeful. (FXStreet) USD/CHF struggles to extend two-day uptrend at the highest levels since early April. US Dollar lacks clear directions amid mixed sentiment, anxiety ahead of key data. Swiss trade numbers came in unimpressive for April. US preliminary activity data, employment numbers for May will be crucial for fresh impulse. (FXStreet) USD/MXN is trading lackluster below 17.70 despite the USD index remaining extremely volatile. Clearance of US debt-ceiling bill in Congress has sent US Treasury yields on fire. The US ISM is set to report a seventh consecutive contraction in Manufacturing PMI. (FXStreet) USD/INR has tested territory below 82.50 as investors discount the impact of the overnight sell-off in the USD Index. The risk of recession still persists as the Fed is expected to continue its policy-tightening spell. The Indian Rupee remained in the spotlight after the release of upbeat Q4GDP data. (FXStreet) USD/CNH takes offers to refresh intraday low, prints the first daily loss in four at multi-day top. China Caixin Manufacturing PMI prints the first above 50.0 print in three months. Upbeat sentiment, easing hawkish Fed bets and the mixed US data also exert downside pressure on Chinese Yuan pair. US employment clues, Senate voting on debt ceiling eyed for clear directions. (FXStreet) WTI clings to mild gains during the first positive day in three, fades upside momentum of late. Sustained break of previous key support, bearish chart formation keeps Oil bears hopeful. Clear break of $67.95 can trigger fresh downswing, bulls remain cautious below $74.70. (FXStreet) The US Dollar Index (DXY) touched its strongest level since mid-March above 104.50 on Wednesday after the US Bureau of Labor Statistics (BLS) reported that the number of job openings on the last business day of April stood at 10.1 million, compared to 9.74 million in March and the market of 9.37 million. Meanwhile, the Federal Reserve noted in its Beige Book that there was little change in the overall economic activity in April and early May. “Prices rose moderately over the reporting period, though the rate of increase slowed in many Districts,” the publication further read. (FXStreet) Silver is seen consolidating the previous day’s positive move to over a one-week high. The mixed technical setup warrants some caution before placing aggressive bullish bets. Sustained Weakness back below the $23.00 mark should pave the way for deeper losses. (FXStreet) On the daily chart, the S&P 500 appears to be trading within the boundaries of a Rising Wedge chart formation. Meanwhile, negative RSI divergence shows that upside momentum is fading. That can at times precede a turn lower. Breaking under the wedge would open the door to a turn lower, placing the focus on support. That seems to be the 38.2% Fibonacci extension level at 4109. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-05-30 09:50

GBP/USD gains some positive traction for the third straight day, though lacks follow-through. Hawkish BoE expectations underpin the GBP and lend support amid subdued USD price action. Bets for more Fed rate hikes to limit the USD losses and cap any meaningful gains for the major. (FXStreet) EUR/USD registered small losses on Monday and continued to stretch lower early Tuesday. The par was last seen trading at its weakest level in 10 weeks below 1.0700. Earlier in the session, the data from Spain showed that the annual Harmonized Index of Consumer Prices declined 0.2% on a monthly basis in May, dragging the annual increase lower to 2.9% from 3.8% in April. (FXStreet) After rising toward 141.00 during the Asian trading hours on Tuesday, USD/JPY reversed its direction and fell sharply. At the time of press, the pair was trading in negative territory below 140.50. Earlier in the day, “the Bank of Japan (BoJ) will patiently maintain the easy monetary policy as there is still a distance to go to stable 2% inflation," said BoJ Governor Kazuo Ueda. (FXStreet) NZD/USD manages to recover a bid from a fresh YTD low touched earlier this Tuesday. A positive risk tone, retreating US bond yields cap the USD and lend support to the pair. The fundamental backdrop warrants caution before positioning for any meaningful rally. (FXStreet) USD/CAD grinds near intraday high as bulls cheer rebound from three-week-old support line. Convergence of previous resistance line, 50-day EMA acts as the key support. Bullish MACD signals, firmer but not overbought RSI (14) line favor Loonie pair buyers. (FXStreet) AUD/USD is expected to find support around 0.6500 as the USD index has refreshed its 10-week high at 104.45. Rising US consumer spending could force the Federal Reserve (Fed) to remain hawkish ahead. Reserve Bank of Australia Lowe is expected to deliver interest rate guidance for the June policy meeting on Wednesday. AUD/USD has been critically dumped after testing the breakout region of the prolonged consolidation around 0.6560. (FXStreet) USD/JPY recovers from intraday low within three-week-old bullish chart formation. Monday’s bearish candlestick formation, overbought RSI (14) line lure bears. Clear downside break of 140.00 needed to lure the Yen buyers. Bulls need 141.00 breakout to aim for late November peak. (FXStreet) USD/CHF extends Friday’s pullback from seven-week high, remains pressured around intraday low. Market’s cautious optimism, positioning before the key data weigh on US Dollar. Swiss Q1 GDP, US CB Consumer Confidence will decorate calendar. Headlines surrounding US debt-ceiling extension, full markets’ reaction to shift in risk catalysts will be the key. (FXStreet) USD/CNH extends week-start gains to approach the highest levels since November 2022. US Dollar regains upside momentum amid mixed concerns about US debt ceiling deal, hawkish Fed bets. US-China tension escalates as Beijing turns down Washington’s request for Defense Chief meeting. Risk catalysts, US CB Consumer Confidence eyed for clear directions. (FXStreet) USD/INR picks up bids to extend the previous day’s rebound inside bullish chart formation. 50-SMA adds strength to 82.75 hurdle for Indian Rupee bears. April’s peak, 200-SMA restrict short-term downside of USD/INR pair. US Dollar grinds higher amid default jitters, full markets’ reaction to US debt ceiling deal. (FXStreet) USD/TRY keeps rising post-Erdogan win on Sunday. The lira has already depreciated nearly 8% this year. President Erdogan vowed to keep low-rates policy. The Turkish lira remains in free-fall vs. the greenback and lifted USD/TRY to a new all-time high near 20.25 on turnaround Tuesday. (FXStreet) The index regains the smile and hovers around the 104.30 region. US lawmakers will vote on the debt ceiling bill late on Tuesday. US Consumer Confidence takes centre stage across the pond. The greenback, in terms of the USD Index (DXY), flirts with recent tops in the 104.40/50 band ahead of the opening bell in the old continent on turnaround Tuesday. (FXStreet) WTI prints the first daily loss in three, eyes the biggest monthly loss in 2023. Risk profile turns dicey even as US policymakers agree on measures to avoid default. OPEC’s Al Ghais teases Iranian Oil’s return, prods energy bulls. US-China headlines, firmer US Dollar and hawkish Fed bets weigh on WTI price. (FXStreet) Gold price drops to over a two-month low and is pressured by a combination of factors. The US debt ceiling optimism and a bullish US Dollar weigh on the safe-haven XAU/USD. Acceptance below the 100-day SMA will pave the way for a further depreciating move. (FXStreet) BTC/USD has managed to hold above quite strong converged support around 25300-26000 (including the 89-day moving average and the February 2023 high), highlighted in the previous update. See “Bitcoin & Ethereum Week Ahead: Cracks in the Rally?”, published May 15. The rise on Monday above the initial cap at the mid-May high of 27675 has reduced the downward pressure somewhat. However, unless BTC/USD clears the 30000 mark, the path of least resistance is sideways to slightly down. (DailyFX) ETH/USD has so far held above crucial cushion at the February highs of 1710-1740 (including the 89-day moving average) amid a broader bullish outlook. However, ETH/USD’s fall earlier this month below horizontal trendline support at 1780 could be the start of a broader consolidation/sideway range. Moreover, on the monthly charts, ETH made a lower low this month compared with the April low, suggesting a soft bias. (DailyFX) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.