fxsoriginal  Daily market outlook on major

Update Time: 10 Jun 2021 09:30GMT

USD/JPY - 109.49

Despite the greenback's brief rise to a fresh 2-month peak at 110.33 on Friday, subsequent selloff to 109.20 Monday on downbeat U.S. NFP data suggests recent erratic move has made a temporary top there and consolidation with downside bias remains for a stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and brought re-test of said resistance.

On the data front, the market's main focus this week is the release of U.S. inflation data, namely CPI n core CPI later today (please see our EI page for details).

Although the street forecast for May annual CPI to be 4.7% vs previous reading of 4.2%, if the actual figure comes in lower than estimate, then expect renewed USD's selling.

On the flip side, if it's higher, U.S. yields will jump and would push the pair higher to 110.00/10.

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD struggles around 1.19 amid Fed-fueled dollar strength

EUR/USD is under pressure around 1.19, as the dollar remains on the offensive following the Federal Reserve's hawkish decision on Wednesday. The bank is set to debate cutting down its bond buys and signaled raising rates sooner than anticipated. 

EUR/USD News

GBP/USD tumbles below 1.39 on weak UK data, dollar strength

GBP/USD has been extending its decline, sliding under 1.39. UK retail sales disappointed with -1.4% in May and the rapid spread of the Delta variant in the UK is also weighing on sterling. The US dollar remain robust after the Fed's hawkish decision.

GBP/USD News

GBP/USD tumbles below 1.39 on weak UK data, dollar strength

GBP/USD has been extending its decline, sliding under 1.39. UK retail sales disappointed with -1.4% in May and the rapid spread of the Delta variant in the UK is also weighing on sterling. The US dollar remain robust after the Fed's hawkish decision.

GBP/USD News

Ripple fears of a major decline are unwarranted

XRP price remains locked in a range between the psychologically important $1.00 and the neckline of a multi-year inverse head-and-shoulders pattern at $0.76. However, a lack of technical clues leaves frothy forecasts on the sideline until directional confirmation can be gleaned from the charts.

Read more

Where next for markets after the Fed shocker

The Fed surprised markets with an abrupt hawkish shift that has triggered substantial volatility in currency markets. Valeria Bednarik and Yohay Elam explain the surprise, discuss technical level, the next moves in FX and beyond.

Read more

Majors

Cryptocurrencies

Signatures