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Dollar Little Moved As Traders Wait For Fed Data

Written By Neil Wilson | 2018-06-13 10:24:00 GMT

The euro rose slightly against the US dollar, the loonie, and the pound as traders waited for the ECB decision tomorrow. The ECB is expected to leave interest rates unchanged but based on the ECB Chief economist, they are expected to comment on quantitative easing. The ECB has talking about ending the 30 billion euros asset purchases for a few months now. In the last meeting, officials pointed to an exit in September, which would be followed by an interest rate hike. In tomorrow’s meeting, traders will want to know whether there is any change in policy. Recent data showed that inflation in the region jumped to 1.9%, which was higher than the expected 1.6%.

The pound fell against the US dollar today after data from the Office of National Statistics (ONS) showed that inflation stabilized in May. The data showed that consumer prices remained unchanged at 2.4%, with energy prices rising to the lowest level since 2011. The core CPI, which excludes the volatile food and energy products remained unchanged at 2.1% while the housing index dropped to 3.9%. The new data comes after the country released its industrial production – which fell – and the mixed employment data. It also comes after yesterday’s crucial Brexit vote.

EUR/USD

The EUR/USD pair is currently trading at 1.1762. This is lower than the important support level of 1.1790 which the pair crossed this morning. The price is also below the 100-day moving average. In the short term, the pair could trade in a sideways direction as traders wait for the Fed decision. A hawkish tone could see the pair drop to the important support of 1.1650.

EURUSD

GBP/USD

After rising to the 1.3470 level, the GBP/USD pair dropped and is currently trading at 1.3325. The pair has dropped below the important support level of 1.3390 and has recently tested the 61.8% Fibonacci Retracement level. If the pair trades below the 1.3305 level, there is a likelihood that the downward momentum will continue until it reaches the 1.3200 level. If it goes up, the pair could reach the important level of 1.3370.

GBPUSD

NAS100

The Nasdaq 100 index started a bullish rally in late April. Since then, the index has risen from $6,422 to yesterday’s high of $7240, which is higher than the 100-day moving average. The index could continue moving higher today after yesterday’s decision by the court to allow the AT&T and Time Warner merger. This is supported by the RSI and MACD indicators which give indications of a further upside.

NAS100

Author

By Neil Wilson
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