Forex news for US trading on June 17, 2016.
- US stocks...Down for the day. Down for the week
- JPMorgan analysis gives 'leave' side 3-5 percentage point lead in Brexit vote
- CFTC commitments of traders: Traders pare position in GBP ahead of EU vote
- That moment when you absolutely need to make a trade
- US total rig count 424 up from 414 last week
- We must find new ways to build trust in Europe says Draghi
- ECB's Liikanen: We're committed to 2% inflation target and will reach it
- The moment you've all been waiting for...
- Atlanta Fed's GDPNow unchanged at 2.8% for Q2
- Euronext will declare "fast market" over Brexit vote
- Markets do not believe Fed's projected rate path says Bullard
- Renzi - If Britain leaves the EU it will be forever
- UK Labour party will suspend Brexit campaigning until Monday
- Renzi turns on the Italian charm for next US President
- Forex technical analysis: It is hard to be committed to the swing today...
- It's too soon to decide about QE in 2017 says ECB's Hansson
- Canada CPI for May NSA 0.4% vs 0.5% est. Core 0.3% vs 0.3% est.
- May 2016 US housing starts 1.164m vs 1.150m exp
The US dollar was lower today, continuing the trend after yesterday's extremes and rebounds Most of the change was in the GBP as shorts were squeezed a little more. The GBPUSD rose by 1.11% today. The gains today, was able to turn the pair positive for the week. The pair was able to snatch victory from the jaws of defeat.
Needless to say, the GBPUSD is influenced by flows as D-Day or B-Day (Brexit Day) approaches. With the weekend full of potential risk from polls, perhaps some of the net speculative shorts were forced to cover and that kept the bid. On the dollar side of the equation (ag. the GBP and other pairs) the reality of the FOMC situation weighs. Fed's Bulllard - the king of the flip-flop - is even getting tired of flipping and flopping.
For the EURUSD, the day was about laps. The price moved from the 100 hour and 100 bar MA on the 4-hour chart, up to the 200 hour and 200 bar MA on the 4-hour chart. Then back down to the 100's again and back up to the 200s again. That is commitment ...NOT. The traders were not committed to being long or short today. They were ambidextrous, but at least the technicals showed the way.
Whereas the EURUSD and GBPUSD were bouncing and moving the USDJPY was hardly moving. The pair stays below the 105.17-54 which will be key on a rally next week. Get above it more bullish. Stay below it, not so bullish.
The below charts show the % change of the major currency pairs vs each other.
Below is the change in the major currencies vs. the US dollar for the week.
