30 June 2017 Daily Analysis
Greenback battered, as euro and sterling dominates.
US dollar sags against other major currencies on Friday after a mixed outcome from its economic data failed to lift investors’ confidence towards the economic giant. The dollar index which measures greenback’s strength against a basket of six major currencies was down 0.04% to 95.27. Economic data that were released overnight showed an upward revision to the first quarter of US gross domestic product which came in at 1.4%. Economic expected it to remain constant at 1.2%. However, the better-than-expected GDP reading was offset by a weaker jobs data after US Department of Labor reported that last week’s initial jobless claims were increased by 2,000 individuals to a total of 244,000, as compared to forecast of 240,000. Mixed signals given both economic data came amid of heavy selling pressure on the US dollar after its rivals, euro and pound sterling extended its rally despite mixed signals given by both European Central Bank and Bank of England. As of writing, GBP/USD rose 0.08% to $1.3018 while euro eases 0.07% to $1.1433.
Peering into the commodities market, crude oil price added 0.42% to $45.12 while on track for its biggest weekly gains since mid-May due to a decline in US crude output. Otherwise, gold price ticked up 0.03% to $1,244.63 but remained under pressure as central banks hinted at tapering ultra-loose monetary policy which eroded the demand for safe haven.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:00 | CNY – Manufacturing PMI (June) | 51.2 | 51.0 | 51.7 |
| 09:00 | CNY – Non-Manufacturing PMI (June) | 54.5 | – | 54.9 |
| 14:00 | EUR – German Retail Sales (MoM) (May) | -0.2% | 0.3% | – |
| 15:55 | EUR – German Unemployment Change (June) | -9K | -10K | – |
| 16:30 | GBP – GDP (QoQ) (Q1) | 0.2% | 0.2% | – |
| 17:00 | EUR – CPI (YoY) (June) | 1.4% | 1.2% | – |
| 20:30 | USD – Personal Spending (MoM) (May) | 0.4% | 0.1% | – |
| 20:30 | CAD – GDP (MoM) (Apr) | 0.5% | 0.2% | – |
| 22:00 | USD – Michigan Consumer Sentiment (June) | 94.5 | 94.5 | – |
| 01:00 | Crude Oil – Baker Hughes Oil Rig Count | 758 | – | – |
GBPUSD
GBPUSD, H4: GBPUSD extended its rally following prior closure above the resistance level of 1.2970. Both moving average line which continues to expand upwards suggests GBPUSD to advance towards the target of resistance level at 1.3045.
Resistance level: 1.3045, 1.3120
Support level: 1.2970, 1.2890
EURUSD
EURUSD, H1: EURUSD was traded in an uptrend while currently remained thinly traded near the strong resistance level of 1.1445. MACD indicator which hovers outside of upward momentum suggests EURUSD to continue oscillate within the range of 1.1410 and 1.1445 in short-term as retracement period. Otherwise, long-term trend direction suggests EURUSD to extend its upward momentum.
Resistance level: 1.1445, 1.1480
Support level: 1.1410, 1.1370
USDJPY
USDJPY, H4: USDJPY extended its losses following prior retracement while recently closed below the 20-moving average line (red). Recent closure below the 20-moving average line suggests further downward bias for USDJPY to extend its losses after successfully closing below the support level of 111.80.
Resistance level: 112.45, 113.05
Support level: 111.80, 111.15
CrudeOIL
CrudeOIL, H4: Crude oil price extended its gains following prior formation of golden cross by both MA lines while currently testing at the resistance level of 45.20. A successful closure above this level would suggest further upward bias towards the next target at 46.70.
Resistance level: 45.20, 46.70
Support level: 44.20, 43.00
GOLD
GOLD_, H4: Gold price remained traded within a descending triangle following prior rebound from the bottom level. Recent rebound suggests upward bias for gold price in short-term to head towards the target of resistance level at 1250.10. Long-term trend direction only can be determined after a successful breakout from either side of the triangle.
Resistance level: 1250.10, 1258.90
Support level: 1243.00, 1235.95