Don't downgrade your dreams to fit today's halting reality. Don't let the new normal be an excuse for standing in place.
The Single currency started the week with the right leg after a 2-weeks drop to a low of $1.1169 yesterday and bounced off to as high as $1.1281 on improved market risk sentiment and ahead of Eurozone preliminary manufacturing PMIs data due today.
The Pound bolstered to $1.2467 with global optimism over the post-pandemic recovery taking precedent over resurgent COVID-19 infection numbers, underpinning the cable.
The Yen hammered to 107.25 per dollar this morning as risk appetite recovered after President Trump confirmed that the China trade deal is intact.
The Aussie maintained its bullish stance above $0.6900, along with riskier assets, after White House Adviser Navarro retracted on his earlier comments that the US-China trade deal is over.
South Africa's rand steadied at 17.34 against the dollar as investors waited for a local supplementary budget due on Wednesday that is expected to show a markedly wider budget deficit.
The USD/MUR steadied at 40.30(selling) on the domestic market.
11:30 - EUR - German Manufacturing PMI (Jun)
12:30 - GBP - Composite PMI
12:30 - GBP - Manufacturing PMI
12:45 - GBP - Services PMI
12:45 - GBP - BoE Gov Bailey Speaks
18:00 - USD - New Home Sales (May)
- 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.