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Forex Market Snapshot
The dollar is starting the week on a firmer noyte wijh JPY underperforming and GBP an overperformer.
EURUSD retreat so far pausing above 1.1390-00. Former support at 1.1420 likely to act as a pivotal level
USDJPY is trading back above 162, which has traders on intervention alert
GBPUSD is close to unchganged with GBP firmer on its crosdses as UK politics and prospects of a new PM (i.e. Burnham) continuig to lend support.
Key focus is on US data (ISM Services PMI) after last week’s reported NFP miss.
The upcoming week features several important economic events that could shape global market sentiment. The Federal Reserve’s June meeting minutes will offer investors their first detailed look at policy discussions under Chair Kevin Warsh, while New Zealand’s central bank is expected to raise interest rates. China will release closely watched inflation data as analysts assess global price pressures, and Europe, Canada, and the United States will publish several key indicators covering growth, inflation, employment, trade, and housing. (eCONODAYT)
<p style=”text-align: center;”>SEE OUR ECONOMIC CALENDAR</p>XAUUSD (GOLD) 4HOUR
Risk turns up but resistance so far holding.
Rebound off higher lows (3942/3960) would need to break 4198-4220 to build momentum to the upside. So far it has paused just below 4198 (high 4195)
On the downside, needs to hold 4150 to keep the focus on 4200 and away from the 4124 low.
Forex Market Snapshot
The dollar is trading softer but so far with limited follow through in holiday thinned end to the week trading.
AUDUSD is an outperformer, helped by metals extending post-NFP gains.
EURUSD is pivoting 1.1450 as it trades within a 1.1420-73 range, limit on the downside while above 1.1400-20
Market Update
Choppy trade followed the initial reaction to the NFP miss. NAS100 failure to regain 30K has put it on the defensive while US500 failure to hold 7500+ has cooled its reaction. NAS100 needs to hold 29K and US500 7450-70 To keep downside in check.
EURUSD repelled by 1.1473 has left 1.1450 as the pivotal level with support at 1.1430-35 needing to hold to keep its downside in check.
Otherwise, look for early exits and thinning liquidity.
EURUSD US500 NAS100
Market Update: US500 and NAS100
Stocks downside getting a reprieve from softer NFP but NAS100 needs to regain 30K and then break 30343 to put bulls back in control.
In US500, bulls in control while above 7500 (cools below) but would need to break 7548 to expose 7583 and 7604 for momentum toi build,
US500 NAS100
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