Trading plan for 11/06/2018
June 11, 2018 8:21 amVideo
Latest News
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The confusion at the G-7 summit and another dispute over the rules of conducting foreign trade do not cause an explosion of risk aversion. The market is waiting for a meeting between Trump – Kim and Fed and ECB meetings. USD / JPY grows to 110.00 not only due to positive moods but also to local government results in Niigata, where the candidate from the Prime Minister Abe camp won. This may somewhat ease the fears of his weakening position.
The Swiss have explicitly rejected the Vollgeld concept in the referendum, ie a radical reform of the banking system, assuming that only the SNB would be responsible for the creation of money. EUR / CHF is growing today towards 1.1650.
The euro is today the strongest of the main currencies. EUR / USD after defending 1.1750 returns above 1.18, ie to increases towards an important resistance zone around 1.1850. There is no longer any negative information from Italy, on the contrary: the finance minister said that the entire government is unequivocally and resolutely supportive of remaining in the Eurozone.
On Monday 11th of June, the event calendar is light in important data releases, but the market participants should keep an eye on Industrial Production data from France, Italy and the UK. Moreover, the UK will post NIESR GDP Estimate data, Visible Trade Balance data and Manufacturing Production data as well. The US session calendar is empty.
EUR/USD analysis for 11/06/2018:
The main event of the weekend was the G-7 summit. Initially, the leaders seemed to support the common position, but after Trudeau’s comments at the press conference, Trump withdrew his support for the message. The United States eventually did not sign the document. The administration has verbally attacked not only the Prime Minister of Canada, but also the European Union.
The Euro is today the strongest of the main currencies. Negative information is no longer coming from Italy, on the contrary: the finance minister said that the whole government is unequivocally and resolutely supportive of remaining in the Eurozone. EUR/USD after defending the level of 1.1750 returns above 1.1800 as the bulls trying to test the recent local high at the level of 1.1839. The market remains above the golden trend line, so the rally higher is still more probable than a sell-off. The strong momentum and rising stochastic indicator support the bullish bias.
The material has been provided by InstaForex Company – www.instaforex.com
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