Trading Perspective on The US Dollar (June 3 – June 9)
Trading Perspective on The US Dollar (June 3 – June 9): Bullish
Fundamental Forecast for The USD: Bullish
The Greenback got a week full of good news. U.S. economic indicators coming in so positively, notably Unemployment Rate falling to an 18-year low of 3.8% coupled with Nonfarm payrolls beating economists’ expectations (223,000 versus 188,000) continued to underpin the Fed’s tightening plan, and would continue to support US Dollar’s strength in the coming week. The rate hike probability in the next FOMC meeting on June 13 increased to 91.3%.
Trade War will be the main topic for the week ahead as there will be few U.S. high-profile economic data releases printing. This week witnessed the US announce a decision to allow steel and aluminum tariff exemptions for several of its staunch allies. With G7 leaders meeting in Canada next week, this hot spot will surely be put on the agenda. However, whether the posture calms or escalates, bullish sentiment on the US Dollar will likely dominate.
Technical Forecast for The USD: Bullish
The USD posted a breakout failure as expected. However, risk appetite was back in play due to lots of positive announcements, leading the benchmark currency to test back the 94.24 barrier twice in the final two days of the week. Bulls seemingly continued to prevail, suggesting for a possible break above this level in the near-term. The target is predefined at the vicinity of 95.11.
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Fundamental Forecast for The USD: Bullish
The Greenback got a week full of good news. U.S. economic indicators coming in so positively, notably Unemployment Rate falling to an 18-year low of 3.8% coupled with Nonfarm payrolls beating economists’ expectations (223,000 versus 188,000) continued to underpin the Fed’s tightening plan, and would continue to support US Dollar’s strength in the coming week. The rate hike probability in the next FOMC meeting on June 13 increased to 91.3%.
Trade War will be the main topic for the week ahead as there will be few U.S. high-profile economic data releases printing. This week witnessed the US announce a decision to allow steel and aluminum tariff exemptions for several of its staunch allies. With G7 leaders meeting in Canada next week, this hot spot will surely be put on the agenda. However, whether the posture calms or escalates, bullish sentiment on the US Dollar will likely dominate.
Technical Forecast for The USD: Bullish
The USD posted a breakout failure as expected. However, risk appetite was back in play due to lots of positive announcements, leading the benchmark currency to test back the 94.24 barrier twice in the final two days of the week. Bulls seemingly continued to prevail, suggesting for a possible break above this level in the near-term. The target is predefined at the vicinity of 95.11.
Follow me to get more analysis.
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