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Another week, another chance to trade the dollar! What do you think are the themes that will dominate the Greenback’s trading?
I have a list for you to consider!
FOMC statement and presser (June 10, 6:00 pm GMT)
- This is the Fed’s first meeting since U.S. states were locked down
- No further policy changes are expected this week
- Fed is seen continuing its aggressive bond purchases and lending activities
- Fed will also publish its dot plot and economic projections
- Powell will conduct a presser at 6:30 pm GMT
Closely watched data releases
- CPI (June 10, 12:30 pm GMT) to improve from -0.8% to -0.1% in May
- Core CPI also seen at -0.1% from -04% in April
- PPI (June 11, 12:30 pm GMT) could rise from -1.3% to -0.1%
- Core PPI expected to improve from -0.3% to -0.2%
- Weekly initial jobless claims (June 11, 12:30 pm GMT) expected to reflect another 1.5M jobless this week
- UoM consumer sentiment (June 12, 2:00 pm GMT) to rise from 72.3 to 75.0?
Technical snapshot
- RSI considers the dollar “oversold” against the comdolls and the euro
- It may soon enter “overbought” territory against the yen
- The dollar is still on bearish trends against almost all of its counterparts
- USD/JPY is still bullish on short and long-term SMAs on the daily time frame
- The dollar saw the most volatility against the Aussie, Kiwi, euro, and pound in the last seven days
Missed last week’s price action? Read USD’s price recap for June 1 – 5!