In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
Forex today: movements are mild
- It happened! US President Donald Trump met with the North Korea’s leader Kim Jong-un. According to an announcement of Mr. Trump, countries came to an agreement and a process of denuclearization will start very soon.
- The US dollar index can’t rebound from the psychological level of $93.50. The index tried to reach the resistance at $94, however, it couldn’t and returned to $93.50. Today traders will look at economic data. Inflation figures will be out at 15:30 MT time. If the actual data are greater than the forecast ones, the US dollar index will go up again. Otherwise, a fall below $93.50 is anticipated.
- The euro can’t break the resistance at 1.18 for several days. No significant economic data are released on Tuesday. The movement of EUR/USD will depend on the strength of the US dollar. If the US dollar increases after the release of the economic data, EUR/USD will not be able to close above 1.18. Otherwise, the pair has chances to break above 1.18.
- Economic data were neutral for the pound.
GBP/USD is testing the resistance at 1.34 (the pivot point). No more significant economic data will be released today, as a result, there are risks of the pound’s fall. The support is at 1.33. The resistance is at 1.35. GBP/USD is anticipated to trade near 1.34.
- USD/JPY tested the significant resistance at 110.20 (200-day MA and 50-week MA). Trade and geopolitical tensions are mild, as a result, the yen is weak. The greenback needs to strengthen to pull the pair above the resistance. Otherwise, the pair will trade within 109.70-110.20.
- Oil managed to rise, however, it doesn’t support the Canadian dollar. USD/CAD is rising. However, the pair is still within 1.2950-1.3040. The further movement will depend on the US dollar. If it’s strong, the pair will be able to reach the resistance at 1.3040. Otherwise, the pair will go to the support at 1.2950.
- No changes in directions of other currencies.
That is all for today. Follow markets news with us!
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