Today is a huge day for US data. If the data is positive this should see a surge in USD buying as it brings a possible taper closer. If the data is negative then the opposite is true and we could see more sell offs on the USD currency.
To shield us from this risk event coming up later in the session (As much as possible) we will focus on the strongest performing cross pair the EUR/JPY. This pair is currently riding the ride of a weakening yen and Eurozone optimism and shouldn’t be too impacted by the US data coming up this afternoon.
Look for buying opportunities on the EUR/JPY currency pair throughout today’s session.
To shield us from this risk event coming up later in the session (As much as possible) we will focus on the strongest performing cross pair the EUR/JPY. This pair is currently riding the ride of a weakening yen and Eurozone optimism and shouldn’t be too impacted by the US data coming up this afternoon.
Look for buying opportunities on the EUR/JPY currency pair throughout today’s session.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
Recommended Content
Editors’ Picks
EUR/USD: The first upside target is seen at the 1.0710–1.0715 region
The EUR/USD pair trades in positive territory for the fourth consecutive day near 1.0705 on Wednesday during the early European trading hours. The recovery of the major pair is bolstered by the downbeat US April PMI data, which weighs on the Greenback.
GBP/USD rises to near 1.2450 despite the bearish sentiment
GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.2510.
Gold price struggles to lure buyers amid positive risk tone, reduced Fed rate cut bets
Gold price lacks follow-through buying and is influenced by a combination of diverging forces. Easing geopolitical tensions continue to undermine demand for the safe-haven precious metal. Tuesday’s dismal US PMIs weigh on the USD and lend support ahead of the key US data.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.