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[GVI Forex 2]

USDJOPY 4 HOUR CHARTR – THIS IS WHY I NAMESD IT THE AMAZIBG TRADER

My earlier posy highlighted 156.49 as the key level and see where iut poaused on this chart.

[GVI Forex 2]

EURUSD 1 HOUR CHART – SUPPORT IS CLEAR

As noted earlier 1.0858 is support that needsw to hold to keep it away from the key 1.0827 level.

So far, the knee jerk reactopn to the PMI data paused just above it.

[GVI Forex 2]

I posted this earlier and sometimes the gut proves to be right

Recent US data has missed on the downside so surprises would be a beat of the consensus.

[Mtl JP]

BoC’s macklen yaks at bottom of hour

character-wise he reminds he me of Colonel Nicholson (ref The Bridge on the River Kwai)

[SF Monedge]

Bank of Canada Investment returns were $922 million in the latest report, not bad.  Zero gold holdings (apparently not on the side of doom and gloom).  Canada monetary reserves rose to $122.76B.  Not bad.  I am not of the mind that a rate reduction here is due to performance issues.

[Mtl JP]

post-ISM
EURO 1.0870-ish

Puppy seems to have support on dips maybe because playewrs anticipate ECB cut tomorrow.
1.09 looks like THE do0or to punch thru for more gains

Sup 1.0850/25, Res 1.0915/20

[GVI Forex 2]

Surprise, surprise

Big upside beat in ISNM Services PMI….

[Belgrade Bobby]

Cool…it is not possible to trade these days whenever there is a data….

[Belgrade Bobby]

EURUSD

If it manages to stay above 1.08850 till close of this hourly bar, we should have another move up…

[Mtl JP]

BoC = chickenshit

there is nothing “sustainable” in inflation reduction

in the meantime I dont see much enthusiasm for the USD with DLRx hovering just abouve 104

[GVI Forex 2]

BoC cuts by 25bps… dovish cut

[SF Monedge]

Market is getting long Canadian Dollar futures and in other places ahead of rate announcement.  Not saying I agree.  Good luck JP

[Belgrade Bobby]

EURUSD Hourly Update

This was a typical example how the market can hunt for the stops – it just went a bit below the support line ( for about 5 pips ) and strongly went back up – never closed the bar below that trend line.

Now we have 1.08900 to look at ( and 1.09000 after that )

[GVI Forex 2]

5 sessions ago the 10-year high yield was 4.62%… today it is currently at 4.32%

[SF Monedge]

EurChf looks like a decent buy if the figure can hold the upcoming racket from data.

[SF Monedge]

Zero immediate effect from ADP on Nasdaq futures.  I am having difficulty justifying the thought of oil going lower/sustaining value below $72.  Also see no evidence saying stocks are done in the broader picture, only indications it could be.

[GVI Forex 2]

ADP misses on downside…not much reaction

[GVI Forex 2]

Next up is ADP employment followed by the BoC desicion and ISM Services PMI.

ADP is not a good indicator of NFP but the market sometimes moves on a miss.

Recent US data has missed on the downside so surprises would be a beat of the consensus.

See our Economic Calendar

[GVI Forex 2]

A look at the day ahead in U.S. and global markets from Mike Dolan

Any investor trepidation about a slowing U.S. economy is once again being offset by renewed interest rate cut hopes – seeing the third day in row that Wall St stocks have turned around early losses to end higher by the close.

Morning Bid: Dip buying persists, Canada set to ease

[Mtl JP]

USDCAD 1.3682
BoC is “looking for evidence that momentum is sustained”
–
Economists Lean Toward Bank of Canada Interest Rate Cut on Wednesday Canada’s central bank could be the first among G-7 authorities to begin policy easing after aggressive rate increases to curb inflation By Paul Vieira

Canada’s central bank could be the first among G-7 authorities to begin policy easing after aggressive rate increases to curb inflation
June 4, 2024 8:00 am ET|WSJ Pro

OTTAWA—Most economists expect the Bank of Canada on Wednesday to cut its main interest rate for the first time in four years, as data point to a monthslong slowdown in inflation, a cooling in labor-market activity and lackluster growth.

Eleven of 15 economists surveyed by The Wall Street Journal predict the Bank of Canada will cut its target for the overnight rate by a quarter-point, to 4.75%. The other four said central bank officials might wait to cut until its late July decision, to ensure additional data provide comfort that inflation is heading toward its target of 2%. Canada’s central bank sets interest-rate policy to achieve and maintain 2% inflation.

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