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Thursday, June 2nd
USD/JPY rebounded from two-week low witnessed at 108.83 as Nikkei 225 slowed down its falling. Yesterday the pair fell sharply on the back of the latest sales tax hike delay decision made by Prime Minister of Japan Sh. Abe. Also the pair is getting some pressure as risky mood calms down and traders find safe haven in Yen. Today traders will closely watch for ADP Nonfarm Employment Change and Crude Oil Inventories from US, as Japan will release only secondary macro data. At the moment the pair is trading at 109.21, with todays approximate support and resistance levels located at 108.01 and 111.59
EUR/USD is hovering near 1.12 level, retreated from its daily tops. The pair is showing moderate growth, gaining over a cent since yesterdays low at 1.1114 boosted by sell-off sentiments surrounded US currency. Ahead in the session, all attention will be focused on the ECB meeting. Expected that Central Bank will leave the rate flat, but hawkish comments about inflation and its growth projections would activate euro bulls. Currently the pair is trading at 1.1203 down from 1.1214 spot. Todays support and resistance levels for the pair are located at 1.1086 and 1.1244 handles.
USD/CAD is trading mostly unchanged this Thursday. The pair has consolidated near 1.3080 level before key event - OPEC meeting, where key oil issues will be discussed. Also the pair is gaining some support amidst broad-based USD selling with slight increase in oil price. Moreover today the pair will gain sentiments from ADP employment report, Initial Claims and speeches by BoC’s S.Poloz and FOMC members J.Powell, W.Dudley and R.Kaplan. At the moment the pair is trading at 1.3081 with todays support and resistance levels located at 1.2999 and 1.3159 spots.
AUD/USD is trading under bearish pressure this morning below 0.7250 spot despite of better-than-expected trade-balance data. The pair showed positive trend on the back of strong GDP from Australia, but the growth was limited by strengthened dollars positions. Yesterday Australia showed better-than-expected trade balance that boosted the pair to 0.7269 spot, however the spike faded quickly on the back of disappointing Australian Retail Sales that pushed Aussie back in North direction. Today traders will focus on ADP Nonfarm Employment Change and Crude Oil Inventories from US ahead of the key official jobs report scheduled on Friday. At the moment the pair is trading at 0.7218 with todays support and resistance levels located at 0.7189 and 0.7331
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