EU leaders have grown weary of Brexit negotiations, U.S. – Iranian conflict ratchets up to a war of words, & The U.S. Fed has a dovish plan.
The U.S. Federal Reserve joined the growing number of major central banks signaling that a new round of monetary stimulus could come as early as July. Affects the USD
Mexico awaits Canada’s and the U.S.’s ratification of USMCA. Affects MXN
The BOJ decided to maintain the current rate in the face of dovish sentiments from other central banks. Affects the JPY
The conflict between the U.S. and Iran remains purely verbal after Iran supposedly shot down an American drone. Affects Brent
European Union leaders have all but lost patience with Britain, and will neither allow a further delay to Brexit to continue negotiations with London nor change the separation deal. Affects GBP
The German Manufacturing PMI for June will be released. Purchasing manager activity is projected to be 44.6. This will affect the EUR.
Canada’s Core Retail Sales (MoM) for April will be published. Sales are expected to have increased by 0.6%. This will affect the CAD.
The U.S.’s Existing Home Sales for May are due. Sales are expected to come in at 5.29M. This will affect the USD.
With the current tiff between the U.S. and Iran, sanctions placed on Iranian oil, and Exxon workers in Iraq fleeing after nearby rocket strikes the concern around the supply of oil will buoy the price.
Looking at the 1D TF, there is a Bullish Engulfing signal continuing the recent uptrend.
On the 4H TF, a Three Black Crows pattern has shown that the downtrend is strong.
This pair’s 1H TF has shown a Three Inside Down pattern indicating a continuation of the downtrend.