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USD rises ahead of Fed meeting


7 July 2021

The Australian dollar fell against the US dollar on Tuesday. RBA Interest Rate Decision was not hanged, and it was 0.1%. At the beginning of the day, the Aussie was buoyed on the RBA, but then the price couldn’t withstand the risk-off mood losing over 100 pips afterwards. The reason could be linked to the weakening economic optimism concerning the US after the ISM Services PMI dropped below forecast to 60.1 in June. Also weighing on the market sentiment were the fears of the COVID strains that got magnified on chatter over the strains’ vaccine resistance. Some Australian states are likely to extend the restrictions for one more week as the nation jostles over inoculations. The local support level can be seen at 0.7475. A breakout below could take the pair towards 0.7415.

SELL 0.7470/TP 0.7415/SL 0.7488

EUR/USD

The European currency fell against the US dollar on Tuesday due to the general strengthening of the US dollar. The EUR was under pressure from poor German data. The country published May Factory Orders, which rose by 54.3% year over year and fell by 3.7% month over month. The Economic Sentiment in the Eurozone was down to 61.2. On a positive note, May Retail Sales in the Eurozone rose 9% year over year, which was better than expected. The US published the ISM Services PMI, which resulted at 60.1 in June, worse than market forecasts. Markit published the final Services PMI for the same month. The index was revised down to 64.6. On Wednesday, Germany releases May Industrial Production, but the focus will be on the FOMC Meeting Minutes at 21:00 EEST. The local support level can be seen at 1.1808. A breakout below could take the pair towards 1.1725.

SELL 1.1795/TP 1.1725/SL 1.1818

DowJones30

US stocks were lower in Tuesday afternoon trading, led by declines in the Dow Jones Industrial Average as investors took profits in some of the groups tied most closely to economic growth. The 10-year Treasury yield fell 7.2 basis points, its lowest level since February, and registered 1.36% as investors reacted to the potential slowdown in the economic growth. Traders will be listening for more clues on the direction of the Federal Reserve’s monetary policy when it releases its latest meeting minutes Wednesday afternoon, which could be a catalyst for a move in both bonds and stocks.

BUY $34480/TP $34850/SL $34356

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