- June 15, 2018
- Posted by: Joey Benedid
- Category: Market News
The Dollar broke through resistance during the overnight session as trade tensions continue to make headlines. Trump announced that he has approved more tariffs on Chinese goods worth about $50B. The Trump administration is also planning a second list of goods that it plans to slap more tariffs on. The two largest economies continue to fuel trade war concerns with China likely to retaliate accordingly as they have previously stated they would. OPEC will be meeting next week in Vienna to discuss potential production increases, with conflicting opinions from various member nations. EUR remains under pressure after the ECB announced that a rate hike would not happen until Summer 2019. Sterling is up slightly as Theresa May had a small win earlier in the week passing through a Brexit bill, however May met with opposition members to promise concessions on future agenda items.
The BoJ held rates earlier this morning, in what was the final major central bank announcement in a generally busy week. This morning we’ll see US U of Michigan Sentiment (98.5 vs 98.0) wrap up the week. Short term support and resistance is 1.3050 and 1.3260 respectively with RSI at 62 and the 200-day moving average residing at 1.2694.