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The Single currency slipped to $1.1269 after record increase in U.S retail sales data in May, signaling that the U.S economy is holding up better than expected, while anxiety before the June 19 European council meeting on EU economic aid dogged investor sentiment.
The Pound tumbled to $1.2564 after the number of people on British employers’ payrolls fell by more than 600,000 in April and May as the coronavirus lock down hit the labour market.
The Yen rebounded to 107.20/dlr as risk-off trading returned amid mounting fear of the second wave of coronavirus globally.
The Aussie tumbled down to $0.6850 on a mixture of Fed pessimism, an outbreak in new COVID-19 infections in Beijing, and Sino-Australian tensions, weighing heavily on the pair.
The rand dropped to 17.20 against the greenback amid South African market was closed on Tuesday.
The USD/MUR remained idle at 40.25(selling) on the domestic market.
10:00 - GBP - CPI (YoY) (May)
13:00 - EUR - CPI (YoY) (May)
16:30 - USD - Building Permits (May)
16:30 - CAD - Core CPI (MoM) (May)
18:30 - USD - Crude Oil Inventories
20:00 - USD - Fed Chair Powell Testifies
- From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
- Price could immediately start to shoot back up into Wave (3) on a longer perspective.
- Piercing above the resistance 0.9905 would endorse the structure.
- Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.