Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Greenback goes up in Asia
On Thursday, the evergreen buck gained some ground on the Japanese yen in Asia, as market talk grows that the BOJ has eyed recent strength as unwarranted while the British pound grew a bit as formal start of Brexit overnight hasn’t roiled the major British currency.
The currency pair USD/JPY got to 111.22, soaring 0.15%. Secondly, GBP/USD showed 1.2449, rising 0.11%, while AUD/USD stood still at 0.7670 after in February HIA new home sales added 0.2% month-on-month, compared to a 2.2% dip last month.
The US dollar index, assessing the greenback’s value against a trade-weighted basket of six crucial currencies, inched up 0.11%, trading at 99.89.
Overnight, the US dollar gained against a basket of main currencies, buoyed by better than expected American home sales data while a tumble in both the common currency and pound backed upside momentum in the US dollar.
The greenback continued its stuttering revival from multi-month minimums, reaching a session peak of 99.96.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.