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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Official Website]: Trump will have to wait two weeks to make a decision! The market is temporarily relieved, and the US dollar may still have room for downward trend." Hope it will be helpful to you! The original content is as follows:
Intraday of the European market on June 20, the US dollar (USD) had difficulty finding demand earlier on Friday, as market focus will turn back to geopolitics after this week's central bank meeting. In the second half of the day, Canadian retail sales in May and the initial consumer confidence value data in the euro zone in June will become the feature of the economic calendar.
The Fed's cautious stance on policy easing and a risk-averse market atmosphere helped the U.S. dollar outperform other www.avaforexcn.competitors in early trading on Thursday. However, after reaching a weekly high above 99.00, the U.S. dollar index lost its traction, fluctuating around 98.60 for the last time.
On Thursday, reports suggested that the United States (US) was directly involved in the Iran-Israel conflict and the market turned into risk aversion. Later that day, the chairman of the U.S. Senate Intelligence www.avaforexcn.committee pointed out that U.S. President Donald Trump said he would give Iran a last chance to reach an agreement to end its nuclear program. Trump's final decision to launch the strike was reportedly delayed by up to two weeks. Although Israel and Iran continue to confront each other, the development seems to have helped the market feel relieved.
During the Asian trading hours, the People's Bank of China (PBOC) announced that it would maintain the most preferential interest rate (LPR) for one- and five-year loans at 3.00% and 3.50%.
Data from Japan showed earlier Friday that the national consumer price index rose 3.5% year-on-year in May, following a 3.6% increase in April. Meanwhile, Japan's chief trade negotiator Ryosei Akazawa said on Friday that Japan will not pay attention to so-called reciprocity tariffs.to a looming date at a higher level. “We are looking for the possibility of reaching an agreement in ministerial negotiations, but the prospects are still shrouded in the mist,” Akazawa added.
The UK National Statistics Office reported on Friday that retail sales fell 2.7% month-on-month in May, while market expectations were -0.5%. On Thursday, the Bank of England (BoE) announced that it would keep the policy interest rate unchanged at 4.25%, in line with expectations.
Basic market trends in the foreign exchange market:
The US dollar/Japanese yen fluctuates within a narrow channel slightly below 145.50.
The GBP/USD is difficult to accumulate bullish momentum, and it traded below 1.3500 in early Friday.
Euro/USD stabilized above 1.1500 in early trading session on Friday, after rebounding from a weekly low of 1.1450 on Thursday.
Bulle market fundamentals:
Gold prices are expected to consolidate their intraday declines to more than a week lows and trade slightly below the $3,350 level in the first half of the European session.
Analysis of major currency trends:
Euro: The intraday bias of the euro/dollar remains neutral, and more consolidation may occur below 1.1630. A further rebound is expected when the 1.1372 support level is intact. Breakthrough of 1.1572 will continue the upward trend from 1.0176. The next target is a 61.8% forecast from 1.1064 to 1.1927 to 1.0176 to 1.1572. However, a breakout of 1.1372 support will indicate a short-term peak and turn down to get a deeper pullback.
The above content is about "[Ava Aihua Official Website]: Trump will have to wait two weeks to make a decision! The market is temporarily relieved, and the US dollar may still have room for downward trend". It is carefully www.avaforexcn.compiled and edited by the Avatrade Forex editor of Avatrade. I hope it will be helpful to your trading! Thanks for the support!
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