The Dollar lost against its rivals as investors observe the US Juneteenth Holiday today. Central bank members are set to address inflation concerns at the Qatar Economic Forum. President Macron lost majorly in parliament elections on Sunday pinning down French stocks.
EURNZD plunged by -0.37% ahead of central banks members’ speeches including ECB’s Christine Lagarde at the Qatar Economic Forum. The NZD got boosted by the Business NZ PMI DATA which came out positive at 55.2 vs the previous 52.2.
The German PPI y\y beat expectations of 1.5% and settled for 1.6% but the data failed to lift the EUR against the NZD. The pair retreated from 1.66618 intraday resistance and is sliding towards 1.6552, a 4-day low. A break below may cause a further slide to 1.64752. Traders to shift their focus to NZD’s Westpac Consumer Sentiment data early Tuesday morning.
USDCAD trimmed gains by -0.28% as the greenback recedes from a YTD high at 1.3075. The Canadian dollar strengthened from the 19-month low as the US market closes for a holiday. The Canadian Raw Material Price Index indicated a modest rise in June from 2.1% to 2.5% boosting the commodity-backed currency.
Bulls are capped by a 1.3075 resistance and near-term support at the 1.2920 level. A break above the 1.3075 level could renew Bullish appetite toward the 1.34000 psychological level. FOMC member Bullard will be speaking later in the New York session.
GBPAUD dipped by -0.90% on the stronger commodity currency, AUD. The AUD found strength on Dollar weakness today along with the Chinese loan prime rate which came out unchanged at 3.70%. The pair left resistance at 1.76806 a newly established 15-day high. An immediate stop to the downside is at 1.74718 and 1.73867. Traders to focus on the RBA monetary policy meeting report and RBA Governor Lowe’s speech scheduled for Tuesday’s Asian session.
Bitcoin prices have recovered by +0.30% to trade above $20000 at the start of the week. Upside gains are challenged by 22 486 resistance and a breach above may cause buying pressure to 25 490.54. A bearish outlook may be seen however if bears manage to take the price below 19 482.30 and a retest of 18 000 may be seen.
US stock futures are up as traders weigh on inflation. The Fed raised rates by 75bps last week and investors are pricing in another 75bps for their next meeting as backed up by Fed’s Waller in his comments. Dow Jones futures are up +0.17% but still bound in a range between 29 742 low and 30 197 high on an intraday basis. S&P 500 futures rose by +0.31% with a low at 3662 and a bullish cap at 3730 and 3816. Nasdaq futures are up +0.56% trading between 11 249 and 11 410.
European equities are mixed in the EU session with French stocks dipping following France’s President Macron losing big in parliamentary elections on Sunday. CAC 40 is down -0.08% with support residing at 5834 and a break below may give bears 5755 and 5700 in the near term.
The upside move is capped by 5970 and 6100. German 40 gained +0.47% and bullish momentum is capped by 13 295 support turned resistance. On the downside, bears may take over 13 058 and 13 000 levels. UK 100 soared by +0.67% trading above the 7000 psychological mark. The FTSE 100 may revisit 7136 and 7156nin the near term.