Forex Today: No changes expected at the BoJ meeting

Pablo Piovano FXStreet

The US Dollar resumed its downtrend at the beginning of the week, revisiting the area of more than three-year lows vs. its rivals as investors continued to gauge the Middle East conflict along with upcoming central banks’ interest rate decisions.

Here's what to watch on Tuesday, June 17:

Price action around the US Dollar Index (DXY) remained subdued on Monday, with the index slipping back below the 98.00 support despite another positive day in US yields across the curve. Retail Sales will take centre stage, followed by Import/Export Prices, Industrial and Manufacturing Production, Business Inventories, the NAHB Housing Market Index, and the API’s weekly report on US crude oil supplies.

EUR/USD kept the recent rally in place, retesting once again the key resistance area in the 1.1600 neighbourhood. The ZEW institute will release its report on Economic Sentiment in Germany and the euro area.

GBP/USD left behind Friday’s downtick and challenged once again its key resistance zone around the 1.3600 mark. The next key data release on the UK docket will be the Inflation Rate on June 18.

In quite a volatile start to the week, USD/JPY met initial resistance near 144.80, giving away those gains afterwards and deflating to the 143.70 zone amid humble losses. The BoJ is largely expected to keep its policy rate unchanged at its gathering.

AUD/USD rose markedly and traded at shouting distance from its recent peaks north of the key 0.6500 the figure. The Westpac Leading Index will be next on tap in the Australian calendar on June 18.

Prices of WTI sold off and pierced the $68.00 mark per barrel as traders kept following the Israel-Iran crisis, which has so far averted any impact on the crude oil facilities.

Prices of Gold reversed part of their recent three-day advance, retreating below the $3,400 mark per troy ounce as market participants remained cautious on the Middle East conflict and the Fed’s interest rate decision. Silver prices traded in a vacillating fashion just above the $36.00 mark per ounce, following Friday’s small pullback.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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