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Events likely to influence the financial markets.
- USD was higher on the week though softened into the end of the week on weaker than expected data with both core PCE and Q1 GDP lower than expected
- Equities were heavily lower as China stepped up the rhetoric in the US / China trade war.
- Oil prices collapsed further last week as concerns over the US / China trade war outstripped upside pressures from Middle East tensions
- Monday, June 3rd – USD ISM Manufacturing & Employment 1700
- Tuesday, June 4th – AUD RBA Rate Decision, 0730
- Tuesday June 4th – EUR CPI, 1200
- Thursday, June 6th – EUR ECB Rate Decision, 1445
- Friday, June 7th – USD NFPs & Unemployment Rate, 1530
The times mentioned above are in GMT+3 (MT4 Time).
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EURUSD has held a further test of the 1.1129 lows though remains inside the local bear channel for now, capped by 1.1217 resistance.
Gold prices exploded higher last week, breaking above the 1303.78 level. Focus is now on a further run higher while price remains above the broken bearish channel.
AUDUSD continues to hold above the .6864 level as the recovery grinds higher back towards the key .6982 - .7021 resistance level.
The breakdown in USDJPY has taken price through some key levels. 108.99 now sits above as resistance with price quickly approaching the 108.12 level.
GBPUSD continues to probe lower, with price last week breaking down through the bottom of the bearish channel, suggesting further downside to come.
Oil crashed lower again last week trading down through the 50% retracement from 2018 lows. Focus is now on a test of next support at 51.58.
<a class="btn outline-btn" data-cke-saved-href="https://account.fxprimus.com/en/int-register/individual" href="https://account.fxprimus.com/en/int-register/individual" "="" target="_blank">* EMA => Exponential Moving Averageclick to view charts
Fears that China could bring rare earths exports into the trade war with the US have knocked risk appetite heavily as the market awaits the next headline from the situation.
* EMA => Exponential Moving Averageclick to view charts
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