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The single currency rocketed to $1.1350 following the announcement that the ECB increased its emergency bond purchase scheme by 600 billion euros to 1.35 trillion and extended the scheme to mid-2021.
The Sterling surged to $1.2650, tracking a higher EUR/USD, boosted by an increase of bong-buying in the Pandemic Emergency Purchase Programme.
The yen edged lower to 109.12 against the greenback by fresh surges in Treasury yields and stocks after yesterday's ECB policy statement and the U.S. claims data.
The Aussie, often seen as a risk proxy in the currency market, capped below $0.6987 on reports that US President Donald Trump rekindled tension with Beijing after issuing the memo for recommendations to protect US investors from China’s failure to allow audits of US-listed Chinese companies.
The rand firmed at 17.85 against the dollar, reflecting broad optimism in financial markets as easing social distancing restrictions supported economic recovery hopes.
The USD/MUR stayed put at 40.15(selling) on the domestic market.
16:30 - USD - Nonfarm Payrolls (May)
16:30 - USD - Unemployment Rate (May)
18:00 - CAD - Ivey PMI (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.