Research & Education

All eyes are on USDJPY, as the currency pair exceeded the psychological resistance level of 160.00, sparking more rumors of a Bank of Japan intervention.  Analysts speculate that an intervention is only possible after the release of the Personal Consumption Expenditures later today, which is the Federal Reserve's primary inflation measure.

Pound Sterling found support at the thirty-eight percent Fibonacci retracement level ahead of the New Home Sales report, which is due to be released later today. The US Dollar Index indicates a bullish bias, trading above the 105.500 level and the 50-period Exponential Moving Average.

All eyes are on the Purchasing Managers' Index as the EURUSD declines after reaching the highest exchange rate of 1.09161 during the month of June. The PMI, which is due to be released later today, is expected to shed light on the economic health of France, Germany, the UK, and the USA. Traders are expected to closely monitor this currency pair in anticipation of the release of significant economic data that could potentially impact currency valuations.

In response to the Federal Open Market Committee's (FOMC) decision to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent, the US Dollar has strengthened, impacting all major currency pairs. Traders are expected to closely monitor the currency market as significant economic data releases and price trends may impact currency valuations.

Gold has bounced back above the key level of 2314.75 after the sharp decline on June 7, ahead of the Fed's decision later today. Despite remaining on a downward trajectory, investors are in a wait-and-see state as they look for a clear direction from the Federal Reserve. Traders will closely monitor the precious metal today due to significant economic data releases and their potential impact on Gold and currency valuations.

The Pound Sterling has registered an upward trend according to a convergence of technical indicators. However, the possibility of a consolidation or correction cannot be discounted, given the recent release of The Claimant Count data, which indicates an increase in the number of individuals receiving unemployment benefits from 8,900 to 50400. Additionally, the presence of a negative divergence signals a potential pause in the upward trajectory.

The EUR/USD is eyeing the 1.916 resistance, following the European Central Bank's interest rate cut from 4.50% to 4.25% and higher-than-expected U.S. initial claims, which totaled 229,000 for the week ending June 1.  Traders are expected to keep a close watch on this currency pair due to the upcoming release of significant economic data, including the Non-Farm Payrolls, which could potentially impact currency valuations.

The Pound Sterling has been showing a sustained upward trend for the fourth consecutive week, indicating a positive trajectory characterized by a series of higher highs and higher lows. This trend is occurring in anticipation of the ECB Interest Rate Decision and the release of the Non-Farm Employment Change. Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could potentially impact currency valuations.