The price of crude oil is settling down -0.37 at $61.20. The price was pressured today helped by a report that OPEC+ members are considering a potential output increase of 411,000 barrels per day in July. While this is one of the options on the table, no agreement has been finalized.Looking at the daily chart, the price remains below the 50% of the move up from the 2021 low at $64.71 and is also below the low of a swing area between $61.92 and $64.71.
Source: Finnhub
USD/JPY has risen 0.5% to 143.90, stretching towards the first resistance at 144.097 amid a rebound from recent lows. The rally is primarily driven by rising US Treasury yields, with the 10-year yield climbing 3 basis points to 3.72%. However, a cluster of technical resistance levels, including the 200-bar MA (4-hour chart) at 144.097, the 50% Fibonacci retracement of the May range at 144.257, and the 100-hour MA at 144.44, could limit further upside momentum. Traders are closely monitoring these key levels for potential reversals or breakouts. A sustained break above 144.44 could open the door for a test of the May high at 145.07, while a rejection at the resistance cluster might lead to a pullback towards the recent swing low at 142.50.
USDJPY
Sentiment:
Positive
Source: Finnhub
Market Analysis by covering: Euro US Dollar. Read 's Market Analysis on Investing.com
EURUSD
Source: Marketaux
Market Analysis by covering: Euro US Dollar, British Pound US Dollar, FTSE 100, S&P 500. Read 's Market Analysis on Investing.com
EURUSD
Source: Marketaux
Japanese Economy Minister Akazawa is set to visit the United States from Friday to Sunday for tariff negotiations with US officials. Japan maintains its stance of demanding the complete removal of US tariffs on Japanese imports, which were imposed under the Trump administration. The tariffs, which affect industrial metals and other goods, have been a point of contention in the trade relationship between the two countries. While no immediate resolution is expected, the talks aim to make progress in addressing Japan's concerns and fostering a more balanced trade partnership. The outcome of these negotiations could have implications for the USD/JPY pair, as any signs of easing trade tensions or concessions from the US side might boost the yen against the dollar.
USDJPY
Sentiment:
Neutral
Source: Finnhub
Market Analysis by covering: US Dollar Japanese Yen, FTSE 100, EasyJet PLC, US Dollar Index Futures. Read 's Market Analysis on Investing.com
USDJPY
Source: Marketaux
EUR/USD has declined 0.2% to 1.0740 after Eurozone PMI data showed a contraction in business activity in May. The Composite PMI fell to 51.8 from 54.1 in April, missing expectations of 52.5. Services PMI dropped to 52.5 from 55.0, while Manufacturing PMI slid to 44.6 from 45.8, indicating worsening economic conditions. The soft data has dampened optimism about the Eurozone's recovery, weighing on the euro. Meanwhile, the US dollar has found support from higher US Treasury yields, with the 10-year yield rising 2 basis points to 3.70%. Immediate support for EUR/USD is seen at 1.0720 (5-day low), while resistance lies at 1.0790 (20-day MA). A break below support could accelerate losses towards 1.0680, while a recovery above resistance might lead to a retest of the 1.0820 level.
EURUSD
Sentiment:
Negative
Source: Marketaux
The EUR/USD pair is trading higher, maintaining its bullish momentum as the upward trend gains strength. According to Quek Ser Leang, a strategist at UOB's Global Economics and Markets Research, the pair is likely to continue its ascent in the near term. Although specific price levels and percentage gains were not mentioned, the overall sentiment suggests that the euro could appreciate further against the US dollar. Traders will be monitoring key technical levels and upcoming economic data releases from both the Eurozone and the United States to gauge the sustainability of the current uptrend. Positive developments in the Eurozone economy or any signs of weakness in the US dollar could provide additional support for the EUR/USD pair.
EURUSD
Sentiment:
Very Positive
Source: Marketaux
The Swiss franc has experienced a significant surge in demand as investors seek safe-haven assets amid global economic uncertainties. This increased demand for the Swiss currency and government bonds has put pressure on the Swiss National Bank (SNB) to intervene in the forex market. The SNB is grappling with the risk of deflation and the possibility of implementing negative interest rates to combat the franc's appreciation. While specific exchange rates were not provided, the strong demand for the franc suggests potential weakness in major currency pairs like EUR/CHF and USD/CHF. Traders will be closely monitoring any actions taken by the SNB and the impact on the Swiss franc's value. A continuation of the franc's strength could prompt further intervention from the central bank and influence other currency pairs.
EURCHF
USDCHF
Sentiment:
Negative
Source: Marketaux
GBP/USD has gained 0.4% to 1.2480, supported by a softer US dollar and ongoing inflationary pressures in the UK. The US Dollar Index (DXY) has slipped 0.2% to 103.10, weighed down by mixed US economic data and a slight pullback in US Treasury yields. In the UK, the latest CPI report showed inflation remaining stubbornly high at 8.7% in April, exceeding the Bank of England's 2% target for the 14th consecutive month. The persistent inflation has fueled expectations of further interest rate hikes by the BoE, underpinning the pound. GBP/USD faces immediate resistance at 1.2520 (50-day MA), with a break above this level opening the door for a test of 1.2600. Support is found at 1.2430 (5-day low), and a slip below this level could lead to a deeper correction towards 1.2380.
GBPUSD
USDGBP
Sentiment:
Positive
Source: Marketaux
The USD/JPY pair has fallen to a two-week low, pressured by concerns over US fiscal policies and a weak US Treasury auction. The exact exchange rate and the extent of the decline were not specified. The uncertainties surrounding US fiscal measures have dampened investor confidence in the US dollar, leading to a stronger Japanese yen. In other news, Bitcoin has reached a new record high, reflecting the growing interest in cryptocurrencies as an alternative asset class. Traders will be monitoring further developments in US fiscal policies and their impact on the USD/JPY pair. A continuation of the bearish sentiment could push the pair lower, while any positive news on the fiscal front might lead to a rebound in the US dollar.
USDJPY
Sentiment:
Negative
Source: Marketaux
EUR/USD edged higher in early European trading as French PMI data for May exceeded expectations. The flash services PMI came in at 47.4, slightly below the expected 47.5 but up from April's 47.3. Manufacturing PMI surprised to the upside at 49.5 versus 48.9 expected, a notable improvement from the prior 48.7. The composite PMI held steady at 48.0, matching forecasts. While still in contraction territory, the data suggests the pace of decline in French business activity is moderating. This lends some support to the euro against the broadly softer US dollar. However, EUR/USD upside may be capped as overall Eurozone economic conditions remain fragile. Traders now await the upcoming German PMI releases and Eurozone CPI inflation data for further direction. Resistance is seen at the recent high around 1.0850, with support at the 1.0780 level.
EURUSD
Sentiment:
Positive
Source: Finnhub
The recent rout in the bond market may favor currency pairs like EUR/USD and GBP/USD over AUD/USD, according to a market analysis. The article suggests that the US dollar could face pressure against the euro and the British pound, while the Australian dollar might underperform in the current market environment. However, specific price levels and the extent of the potential movements were not provided. Traders will be closely monitoring the developments in the bond market and the relative strength of these currency pairs. The divergence in the performance of the mentioned pairs could create opportunities for traders to capitalize on the varying market dynamics.
EURUSD
GBPUSD
AUDUSD
EURAUD
GBPAUD
Sentiment:
Positive
Source: Marketaux
USD/JPY has advanced 0.3% to 143.80, driven by a strong US dollar amid rising US Treasury yields. The 10-year US Treasury yield has climbed 4 basis points to 3.74%, enhancing the appeal of the greenback. The dollar's strength comes despite mixed US economic data, with the US Markit Manufacturing PMI falling to 48.5 in May from 50.2 in April, indicating a contraction in factory activity. However, the Services PMI unexpectedly rose to 55.1 from 53.6, suggesting resilience in the services sector. The divergence between the manufacturing and services sectors has led to uncertainty about the overall health of the US economy. USD/JPY faces immediate resistance at 144.00 (psychological level), followed by 144.50 (multi-week high). Support is seen at 143.20 (5-day MA), and a break below this level could trigger a pullback towards 142.80.
USDJPY
Sentiment:
Positive
Source: Marketaux
USD/JPY witnessed choppy trading during the Asian session, fluctuating between 139.20 and 139.80 as market sentiment wavered. The pair initially dipped on concerns about US debt ceiling negotiations but found support from slightly better-than-expected Japanese PMI data. Japan's manufacturing PMI for May came in at 50.8, up from 49.5 in April and beating forecasts of 49.8. However, services PMI slipped to 55.4 from 56.3, missing the 56.8 consensus. This mixed data kept USD/JPY rangebound, with investors also cautious ahead of key US economic releases later this week. The pair faces immediate resistance at the 140.00 psychological level, with support around 138.50. A decisive break in either direction may hinge on the outcome of US debt ceiling talks and the upcoming US PCE inflation data, which could influence Federal Reserve rate expectations.
USDJPY
Sentiment:
Neutral
Source: Marketaux
USD/JPY edged higher to 138.45 (+0.2%, 28 pips) following recent discussions between U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki on currency issues. However, JPMorgan's Chief Japan FX Strategist Junya Tanase suggests the pair's gains may be capped, as both officials likely shared concerns over yen weakness. Japan's record trade deficit and slowing growth continue to weigh on the yen, while the widening interest rate gap between the hawkish Fed and the dovish Bank of Japan remains a key driver for USD/JPY. Resistance is seen at 139.00, with support at 137.50. Traders should monitor upcoming U.S. economic data and any further comments from officials for clues on potential currency intervention or policy shifts.
USDJPY
Sentiment:
Neutral
Source: Finnhub
The U.S. dollar index (DXY) traded sideways around 103.50 as the House Rules Committee approved former President Trump's tax-cut bill, setting the stage for a full House floor vote. The bill's progress has had a limited impact on the greenback so far, with investors focusing on current economic data and Federal Reserve policy. USD/JPY held steady near 138.40, while EUR/USD fluctuated around 1.0800. Traders await further developments on the bill and its potential economic implications, while also monitoring upcoming U.S. indicators such as GDP and PCE inflation for guidance on the Fed's rate path. Technical analysis shows immediate DXY support at 103.00, with resistance at 104.00.
USDJPY
EURUSD
Sentiment:
Neutral
Source: Marketaux