U.S. Dollar Trading (USD) the EUR/USD tested resistance above 1.2300 but once again failed to track US stocks higher. The USD lost further ground against other risk currencies with the AUD/USD leading the market higher. Oil in particular is soaring up another $3 a barrel. Looking ahead, No US Data tonight.
The Euro (EUR) the Euro is continuing to be sold on the crosses with fresh lows on the EUR/AUD and EUR/GBP overnight capping the EUR/GBP rally attempts. The Outlook is for timid trading while the Eurozone countries vote on the Spanish bailout. Overnight the German government passed it bill supporting the bailout. The Sterling (GBP) EUR/GBP broke below 0.78000 overnight and this supported the GBP/USD move back above 1.5700 where we have held for most of Asian trading on Friday. The Outlook is for more gains if the positive risk mood remains. Looking ahead, June German PPI forecast at -0.2% vs. -0.3% previously.
The Japanese Yen (JPY) USD/JPY has fallen back to Y79.50 with the daily pressure from USD weakness trumping the Yen cross buying support. The biggest cross is the EUR/JPY which is failing to hold gains and make traction and this is causing GBP/JPY and AUD/JPY to tread water as well. Australian Dollar (AUD) the AUD/USD broke 1.4000 yesterday and pushed up to 1.0450 with commodities and strong global stocks supporting the Asian commodity currency. The weak jobs data last week and mixed Chinese signals have been brushed aside with the strong demand via EUR/AUD selling the main driver.
Oil & Gold (XAU) Gold is showing some two way action with support at $1575 and resistance at $1585. OIL/USD showed no letup accelerating gains up to $93 overnight with sellers getting steamrolled in recent sessions.
Pairs to watch
EUR/USD will Friday show more movement?
Oil/USD time for a pullback?
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
‘Risk On’ Trading — US Dollar Sold
U.S. Dollar Trading (USD) the
EUR/USD tested resistance above 1.2300 but once again failed to track US stocks
higher. The USD lost further ground against other risk currencies with the
AUD/USD leading the market higher. Oil in particular is soaring up another $3 a
barrel. Looking ahead, No US
Data tonight.
The Euro (EUR) the Euro is continuing
to be sold on the crosses with fresh lows on the EUR/AUD and EUR/GBP overnight
capping the EUR/GBP rally attempts. The Outlook is for timid trading while the Eurozone
countries vote on the Spanish bailout. Overnight the German government passed it bill supporting the bailout. The Sterling (GBP)
EUR/GBP broke below 0.78000 overnight and this supported the GBP/USD move back
above 1.5700 where we have held for most of Asian trading on Friday. The
Outlook is for more gains if the positive risk mood remains. Looking ahead,
June German PPI forecast at -0.2% vs. -0.3% previously.
The Japanese Yen (JPY) USD/JPY has fallen
back to Y79.50 with the daily pressure from USD weakness trumping the Yen cross
buying support. The biggest cross is the EUR/JPY which is failing to hold gains
and make traction and this is causing GBP/JPY and AUD/JPY to tread water as
well. Australian Dollar
(AUD) the AUD/USD broke 1.4000 yesterday and pushed up to
1.0450 with commodities and strong global stocks supporting the Asian commodity
currency. The weak jobs data last week and mixed Chinese signals have been
brushed aside with the strong demand via EUR/AUD selling the main driver.
Oil & Gold (XAU) Gold is showing
some two way action with support at $1575 and resistance at $1585. OIL/USD showed no letup
accelerating gains up to $93 overnight with sellers getting steamrolled in
recent sessions.
Pairs to watch
EUR/USD will Friday show more movement?
Oil/USD time for a pullback?
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
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