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U.S. Dollar/Chinese Yuan (^USDCNY)

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U.S. Dollar/Chinese Yuan Futures Market News and Commentary

Dollar Falls Slightly on Lower Bond Yields

The dollar index (DXY00) on Monday fell by -0.06%.  The dollar was under pressure Monday from lower T-note yields, which weakened the dollar’s interest rate differentials.   The dollar was also undercut by uncertainty ahead of this week’s US inflation reports. The dollar recovered from its worst levels after the NY Fed’s Apr 1-year inflation expectations rose to a 5-month high, a hawkish factor for Fed policy.

Monday's hawkish comments from Fed Vice Chair Jefferson supported the dollar when he said, “In light of the attenuation in progress, in terms of getting inflation down to our target, it is appropriate that we maintain the policy rate in restrictive territory."

The New York Fed Apr 1-year inflation expectations rose 0.26 percentage points to a 5-month high of 3.26% from 3.00% in March.

The markets are discounting the chances for a -25 bp rate cut at 10% for the June 11-12 FOMC meeting and 30% for the following meeting on July 30-31.

EUR/USD (^EURUSD) on... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.2100 +0.34%
on 05/07/24
7.2473 -0.18%
on 04/25/24
-0.0024 (-0.03%)
since 04/12/24
3-Month
7.1191 +1.62%
on 02/16/24
7.2473 -0.18%
on 04/25/24
+0.0564 (+0.79%)
since 02/14/24
52-Week
6.9479 +4.12%
on 05/15/23
7.3500 -1.57%
on 09/08/23
+0.2763 (+3.97%)
since 05/12/23

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^EURUSD : 1.07958 (+0.06%)
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^USDJPY : 156.431 (+0.14%)
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^EURGBP : 0.85990 (+0.09%)
Elliott Wave Analysis on EURJPY Expects Support Soon

Short Term Elliott Wave View on (EURJPY) suggests the rally from 12.7.2023 low is in progress as a 5 waves. Up from 12.7.2023 low, wave 1 ended at 163.71 and pullback in wave 2 ended at 160.21. Pair extended...

^EURJPY : 168.884 (+0.19%)
The Japanese Yen continuation trade

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Catching the wave

We detail the reasons behind our trade with Japanese Yen futures after yesterday's close

^USDJPY : 156.431 (+0.14%)

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Buy with a Average short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 7.2452
2nd Resistance Point 7.2402
1st Resistance Point 7.2367
Last Price 7.2345
1st Support Level 7.2282
2nd Support Level 7.2232
3rd Support Level 7.2197

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52-Week High 7.3500
Last Price 7.2345
Fibonacci 61.8% 7.1964
Fibonacci 50% 7.1489
Fibonacci 38.2% 7.1015
52-Week Low 6.9479

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