Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Will The U.S. Dollar Resume Its Rally This Week?

ByMaiMarFX
AuthorMarios Krausse
Published 28/06/2021, 10:21
Updated 14/05/2017, 11:45

Anxiety about the Federal Reserve’s hawkish pivot eased and the market returned back to a sleepy sideways consolidation mode while volatility receded. The only market-moving event risk this week could be the June U.S. nonfarm payrolls report on Friday.
 
Economists expect that payrolls have risen by 700K in June after disappointing payrolls growth in April and May. However, while predictions in both previous months were also well above the actual figures, payrolls forecasts must be taken with a grain of salt. The lifting of pandemic-related restrictions in June, however, could have boosted new employment. This means that there could be more upside potential for the U.S. dollar in the run-up to the report.
 
EUR/USD: The pair stuck in a tight trading range between 1.1975 and 1.1910. Above 1.1980 we may see a test of 1.20 but with potential catalysts lacking, chances are in favour of fresh bearish momentum with the dollar may gaining traction ahead of Friday’s job report. A break below 1.1910 could reignite bearish momentum towards 1.1870 and 1.18.
 
GBP/USD: After the 1.40-level has proved a resistance, the focus is on a break below the 1.38-support with a next lower target at around 1.3750. If, however, sterling bulls are able to overcome the 1.40-barrier, we see a next short-term resistance at 1.4050.  
 
DAX: Recently, the index didn’t see any significant movements within its uptrend channel. We continue to look at a price range between 15900 and 15400.
 
We wish you a very good start to the new week.

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.