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ADP

Stronger ADP...EURUSD for a short retraceVolatility ahead. In addition to the uncertainty on the USD arising from the trade war (increased tariffs), and change of personnel in the White house, from today till Friday, we see several economic data release and policy decisions which could surprise the market and also bring about higher volatility. Tonight, we have the USD ADP NFP, which is released 2 days ahead of the Govt NFP release on Friday evening. This is data is likely to bring some short term volatility to the USD, with anticipation that data released to be better than forecasted, close to previous month. If EURUSD breaks below 1.2400 a quick sell towards 1.2350 could be viable.
Short
by JinDao_Tai
Dollar Data Dependant The USD sell off as traders set a chain of profit taking after 2 weeks rally due to various factors: - Greece uncertainty of exiting the EZ make holding USD worthwhile - US Economic data has been promising with CPI much higher - Hawkish comment from Yellen - That view is changing with 5th of June looming for a potential deal and no Grexit A lower USD potentially because: - Euro rally with Bund unable to find support and Grexit averted - Unwinding of USD/JPY longs - Commodities currencies caught bids - A worse than expected US economic data A higher USD potentially because: - Grexit so USD safe haven currency - Better than expected US economic data that imply a September rate hike - Hawkish comment from Fed members Technically: - Heavy band of resistance between 96.63 and 97.73 - Heavily biased for more downside with a possible AB - CD playing out
INDEX:DXY
by sugardaddyFED