Japanese Yen Stuck At Low Levels

Market Reviews

Japanese Yen stays at low levels. Kiwi has become much weaker now. Greenback, single currency and pound are rather sustained. Tomorrow, Bank of Canada will announce its decision concerning the rate hike and Janet Yellen will deliver her speech. Yellow metal recommenced while heading towards 1200 handle. WTI crude oil is trying to hit 45 after the decline through 44. John Williams (San Francisco Fed President) claimed that Fed is likely to execute another rate increase and balance sheet tapering this year. He mentioned US economic recovery and weakness of inflation. This week, Republicans are going to present an improved Senate healthcare bill. Still, it will requires voting.

NZD/USD’s strong drop and the fact that daily MACD reduced under the signal level indicates formation of a near term top at 0.7345. Rejection from 0.7374 resistance is likely. 0.7961 support is short term focus. Breach will push the cross towards 55 day EMA and lower.

Australia NAB business confidence lifted 1 point to 9 in prior month. Business conditions gauge rose 4 pts to 15. Australian home loans increased 1.0% in May. Retail spending on credit and debit cards remained at the same position. British BRC retail sales monitor grew 1.2% yoy in the previous month. Japan M2 increased 3.9% yoy, machine tools orders were up 31.1%. Canada is about to publish housing starts.