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Australian Dollar Futures Market News and Commentary
The dollar index (DXY00) on Thursday fell by -0.182 (-0.19%). June euro-fx futures (E6M9) closed up +19 (+0.17%) and EUR/USD (^EURUSD) rose +0.0031 (+0.28). June yen futures (J6M9) closed up +64 (+0.71%) and USD/JPY (^USDJPY) fell -0.83 (-0.75%). The dollar index on Thursday fell back from a 2-year high and closed lower as a plunge in stocks and in T-note yields weighed on the greenback. Global stock markets sold off Thursday on a worsening of the China trade war, which weighed on USD/JPY on increased safe-haven demand for the yen. Also, concern about a slowdown in the U.S. economy weighed on T-note yields as the 10-year T-note yield tumbled to a 1-1/2 year low of 2.292%, which weakened the dollar's interest rate differentials. Data Thursday showed the U.S. May Markit manufacturing PMI fell -2.0 to 50.6, weaker than expectations of unchanged at 52.6 and the slowest pace of expansion in nearly 3 years, which was dovish for Fed policy. Global stock markets retreated Thursday on signs China has no intention of giving trade concessions to the U.S. after China's Ministry of Commerce said, "if the U.S. wants to resume talks, they should show sincerity and correct their wrong practices." EUR/USD fell to a 2-year low early Thursday before recovering after the Eurozone May Markit manufacturing PMI unexpectedly fell -0.2 to 47.7, weaker than expectations of +0.2 to 48.1, and after the German May IFO business climate fell -1.3 to a 4-1/2 year low of 97.9. The dollar also had support from a fall in GBP/USD to a fresh 4-1/2 month low Thursday as pressure mounts on UK Prime Minster May to abandon her Brexit plans and resign as Prime Minister.
- MARKET UPDATE - ENERGIES, METALS, CURRENCIES
WHERE COULD CRUDE GO? Today it fell apart and confirmed a downtrend on its daily chart to the rally that started last December and ended last month....
- Midday Market Minute
There was tremendous volatility in the currencies today due to dismal PMI data from both Europe and the U.S.
- Trade Flight to Quality Vehicles from the Long Side
U.S. stock index futures are lower , as investors remain worried that the U.S.-China trade war could spiral into a technology cold war.
- Rising US oil inventories save USDCAD. Markets in risk-off mode again today
China warns the US to correct wrong doings. PBOC reiterates it has the tools to keep the yuan stable. Germanys Markit PMI and IFO survey...
- Elliott Wave Analysis: USDTRY At Resistance; 6.04 Can Be In View!
USDTRY came nicely into a projected resistance zone for wave c) of b since we noticed a bullish triangle in wave b).
- GBPJPY Remains Bearish With Eyes On 138.50 Zone
GBPJPY remains bearish with eyes on 138.50 zone following its recent weakness. On the downside, support comes in at the 138.50 level