Morning Insights 24th June

Simon Alagbe

Analyst


Instrument: EURUSD

The pair edged lower in yesterday's session sequel to the slight gains in the dollar index which tracks the relative strength of the greenback to a basket of six major currencies. The slightly hawkish statement of Raphael Bostic, Atlanta Fed President lends strength to the Buck. Bostic said he is expecting a growth of 7% this year and inflation for the year to be 3.4% which is above the Fed target of 2% and would cause an interest rate hike earlier than previously expected. 


Technicals: 

1.19648 has proven to be a key resistance level for the bulls on the pair even though the chart pattern still favours a move to the upside. A retest of the 1.19648 level is expected today with a stop loss at 1.19047. 

Fundamentals 

German ifo Business Climate (EUR)  9:00 AM

Final GDP q/q  (USD)  1:30 PM

Unemployment Claims (USD) 1:30PM


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