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U.S. Dollar/British Pound (^USDGBP)

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U.S. Dollar/British Pound Futures Market News and Commentary

Dollar Strengthens on Higher T-note Yields and Euro Weakness

The dollar index (DXY00) Monday rose by +0.24% and posted a 3-1/2 week high. The dollar moved higher Monday on carryover support from last Friday’s stronger-than-expected US May payroll report, which curbed expectations for Fed rate cuts.  Also, higher T-note yields on Monday strengthened the dollar’s interest rate differentials.

The markets are discounting the chances for a -25 bp rate cut at 1% for the June 11-12 FOMC meeting, 8% for the following meeting on July 30-31, and 50% for the meeting after that on Sep 17-18.

EUR/USD (^EURUSD) on Monday fell by -0.33% and posted a 1-month low. Eurozone economic concerns weighed on EUR/USD after Italy’s industrial production unexpectedly declined.  Also, heightened political uncertainty in Europe is undercutting the euro after French President Macron and German Chancellor Scholz’s parties were trounced by far-right parties in European elections on Sunday. 

The euro found support Monday from the increase in the Eurozone Se... Read more

Commitment of Traders Positions as of Jun 4, 2024

View Chart Details
Commercials - Long / Short
161,495 (+11,213)
112,717 (-5,392)
Non-Commercials - Long / Short
58,908 (-8,731)
102,118 (+9,077)
Dealers / Intermediary - Long / Short
73,062 (+21,273)
67,218 (-4,664)
Asset / Manager - Long / Short
78,347 (-12,527)
68,051 (+4,218)
Leveraged Funds - Long / Short
44,132 (-10,398)
57,082 (-674)
Other Reportables - Long / Short
2,880 (-169)
502

Price Performance

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Period Period Low Period High Performance
1-Month
0.78020 +0.64%
on 06/04/24
0.79937 -1.78%
on 05/14/24
-0.01322 (-1.66%)
since 05/10/24
3-Month
0.77981 +0.69%
on 03/12/24
0.81302 -3.43%
on 04/22/24
+0.00476 (+0.61%)
since 03/11/24
52-Week
0.76087 +3.19%
on 07/14/23
0.83076 -5.49%
on 10/04/23
-0.00978 (-1.23%)
since 06/09/23

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Sell with a Strengthening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 0.79036
2nd Resistance Point 0.78924
1st Resistance Point 0.78737
Last Price 0.78512
1st Support Level 0.78438
2nd Support Level 0.78326
3rd Support Level 0.78139

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52-Week High 0.83076
Fibonacci 61.8% 0.80406
Fibonacci 50% 0.79581
Fibonacci 38.2% 0.78757
Last Price 0.78512
52-Week Low 0.76087

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