Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Yen moves down on China trade data
On Thursday, the Japanese yen went down in Asia notwithstanding solid trade figures from China, although weaker GDP for the first quarter in Tokyo and upcoming China and Australia trade data drove market risk. Moreover, market participants also watched closely the British general election, testimony by sacked FBI director James Comey to Congress and an ECB policy review.
China posted a trade data surplus of $40.81 billion, which is narrower than the expected $46.32 billion, although wider than the $38.05 billion observed the previous month with exports soaring 8.7%, which is more than the 7.0% revenue observed and imports rising 14.8%, surpassing the 8.5% profit observed year-on-year.
Previously, Japan GDP for the first quarter led a bunch of data, with weaker-than-expected quarter-on-quarter figures, demonstrating a 0.3% revenue, compared to 0.6% observed as well as the annual tempo at 1.0% compared with the expected 2.4%.
The common currency sank to $1.1204, sliding 0.64% versus the greenback.
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.