FxWirePro: Indian rupee trades flat against U.S. dollar, U.S. President Donald Trump’s India visit in focus
FxWirePro: Thai baht depreciates drastically after trade balance data; hits lowest level since May 2019
FxWirePro: South Korean won falls noticeably against euro in early Asia, sustained close above 1,324 requires for upside rally
Currency market weekly Outlook:
US dollar was trading strong against all majors especially against Euro on better than expected US retail sales and Philly Fed Manufacturing index.
DXY has jumped more than 100 pips from the previous week close 97.03 and closed at 98.20.
The precious metal was consolidating in a previous week especially Gold within a narrow range between $1479 and $1534 on declining US 10- year bond yield.
US 10 year bond yield continues to trade lower and lost more than 15% from the previous week close of 1.75%. It has closed at 1.55%. The spread between US 10 year and 2 year has narrowed to 5 bps from 10 bps and between US 3month and 10 year is still inverted.
Major trend reversal level- 1.12860
Near term support- 1.10250/1.09600
Near term resistance – 1.1160, 1.12300
Major trend reversal level- 107.20
Near term support- 104.60/103
Near term resistance – 107.20/108
Major trend reversal level- 0.9660
Near term support- 0.9750/0.9690
Near term resistance – 0.9820/0.9900
Major trend reversal level- 1.335
Near term support- 1.3260/1.3180
Near term resistance – 1.3350/1.3435
Major trend reversal level- $1480
Near term support- $1480/$1450
Near term resistance – $1535/$1570
Major trend reversal level- $50.50
Near term support- $53.50/$52
Near term resistance – $55.65/$56.60.
Major Economic events for the week
US FOMC Meeting Minutes – Wednesday (6:00 PM GMT)
Canadian CPI m/m - Wednesday (12:30 PM GMT)
German Flash Manufacturing and services PMI - Thursday (7:15 AM GMT)
Canadian retail sales m/m- Friday (12:30 PM GMT)
Fed Chair Powell Speaks Friday (2:00 PM GMT)