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The common currency clawed back gains from a 22-month low of $1.1807 to $ 1.1760 after Federal Reserve kept interest rate unchanged and left the door open to further easing last night. German data is eyed at 7:55 GMT.
The Sterling pierced to $1.3015 on news that Britain had signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine being developed by Sanofi and GlaxoSmithKline, before retreating to $1.2962 amid Brexit waters woes.
The safe-haven yen hit a four-and-a-half-month high of 104.77 per dollar on Wednesday, as Sino-U.S. relations have deteriorated sharply over issues ranging from the pandemic to Beijing's territorial claims in the South China Sea, and its clampdown on Hong Kong.
The Aussie retreated from a fresh 15-month top at $0.7207 to $0.7160 following data out on Thursday underlined the damage already done to the housing market with approvals to build new homes falling 4.9% to an eight-year low.
The rand cascaded to 16.67 against the greenback despite local inflation for June was in-line with expectations, with price-growth at 2.2% year-on-year from 2.1% previously.
The Mauritian rupee ratcheted down by 5 cents against the dollar to 40.10(selling) on the domestic market.
11:55 - EUR - German Unemployment Change (Jul)
12:00 - EUR - German GDP (QoQ) (Q2)
16:30 - USD - Initial Jobless Claims
After rallying from bottoming all time low at 101.20 to 111.71 in covid-fueled March period, dwarfing an expanding leading diagonal ((1)) in 5 waves, USD/JPY has ever since unfolded in a corrective double three combination pattern (W)-(X)-(Y) of wave ((2)).
From an Elliott Wave trading standpoint, the pair may experience further decline to the choppy downside to complete countertrend wave (Y) because- An impulse usually retraces to at least wave (4) of previous smaller trend, that is 105.19.
- Wave (4) of wave ((1)) coincides with 61.8% Fibonnacii retracement of wave ((1)), i.e 105.19.
- 78.6% projection wave (W) through (X) targets level 105.30.
- In EW lexicon, a pullback to the previous wave (2) usually happen to a leading diagonal ((1)).
- Post-triangle thrust measurement of wave B of (Y) leads exactly to 105.20.
- USD/JPY is still trading within the bearish parellel trendlines.
Thus, hibernation of price action could be seen in the locality of 105.30/19.On the flipside, a violent recoil to revive bullish momentum at 109.84 of June 4th would nullify this set-up, warning that the potency of positioning-derived bearish signal may be ebbing.
On the hourly Chart, The USD/CAD has found strong support again near $1.3350 region yesterday. The pair fell to as low as $1.3345 before bouncing off relentlessly to as high as $1.3444 this morning.
We feel that the USD/CAD could be in an early stage of a bullish run towards $1.4017 in the coming months.
On the downside, $1.3315 remains a strong baseline , while a break below that level would open the door for further weakness on the USD/CAD near $1.3200.