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U.S. Dollar/Chinese Yuan (^USDCNY)

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U.S. Dollar/Chinese Yuan Futures Market News and Commentary

Dollar Slightly Lower as Rate Cut Prospects Improve

The dollar index (DXY00) Friday fell by -0.03%.  The dollar on Friday moved slightly lower after the US May core PCE price index, the Fed’s preferred inflation gauge, eased to +2.6% y/y, the slowest pace in 3 years, which improves the chances of Fed interest rate cuts this year. 

Losses in the dollar Friday were limited on signs of strength in the US economy after the Jun MNI Chicago PMI rose more than expected to a 7-month high and the University of Michigan US Jun consumer sentiment index was revised higher than expected.  Also, hawkish comments from Richmond Fed President Barkin boosted the dollar when he said that Fed policy may not be as restrictive as perceived.

US May personal spending rose +0.2% m/m, weaker than expectations of +0.3% m/m.  May personal income rose +0.5% m/m, stronger than expectations of +0.4% m/m.

The US May core PCE price index eased to +2.6% y/y from +2.8% y/y in April, which was right on expectations and the slowest pace of increase in... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.1783 +1.25%
on 06/12/24
7.2690 -0.01%
on 06/27/24
+0.0260 (+0.36%)
since 05/31/24
3-Month
7.1783 +1.25%
on 06/12/24
7.2690 -0.01%
on 06/27/24
+0.0373 (+0.52%)
since 04/01/24
52-Week
7.0455 +3.16%
on 12/29/23
7.3500 -1.12%
on 09/08/23
+0.0138 (+0.19%)
since 06/30/23

Most Recent Stories

More News
US Dollar Rally Unlikely to Last, UBS Says

The US dollar has surged to near its highest level of the year, but UBS analysts believe this strength is unlikely to be sustained, citing factors such as expected Fed rate cuts and concerns about the...

Elliott Wave Intraday Analysis Looking for $USDCHF to Correct in Wave (2)

Short Term Elliott Wave in (USDCHF) suggests pair ended the move down from 5.1.2024 high as wave (1) at 0.882. Wave (2) corrective rally is now in progress to correct cycle from 5.1.2024 high.

^USDCHF : 0.90137 (+0.30%)
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USDJPY Hits New Highs, But New Resistance May Not Be Far Away

USDJPY Hits New Highs, But New Resistance May Not Be Far Away from technical and Elliott wave perspective.

Elliott Wave Intraday Analysis on AUDJPY Looking to End Wave 5

Short Term Elliott Wave in (AUDJPY) suggests rally from 6.4.2024 low is in progress as a 5 waves impulse structure. Up from 6.4.2024 low, wave 1 ended at 104.8 and pullback in wave 2 ended at 103.57.

^AUDJPY : 107.512 (+0.20%)
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USDCHF Turns Bullish, Since SNB Cut Rates

USD/CHF is turning higher, rebounding from the 0.8825 low after the Swiss National Bank's recent rate cut. We are now observing a clear 5-wave rise from the June low

Elliott Wave Expects USDJPY to Extend Higher in Impulsive Sequence

Short Term Elliott Wave in (USDJPY) shows incomplete bullish sequence from 6.4.2024 low favoring more upside. Up from 6.4.2024 low, wave 1 ended at 157.4 as the 1 hour chart below shows. Pullback in wave...

^USDJPY : 161.090 (+0.13%)
Elliott Wave: Stock profit-taking ahead of summer?

Dollar remains sideways, trapped in big consolidation and stock turns down due to strong US manufacturing and services PMI figures, alongside profit-taking ahead of summer.

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While new and used car prices alike are in retreat, other auto-ownership factors such as insurance and maintenance are growing in cost.

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Buy with a Strengthening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

3rd Resistance Point 7.2757
2nd Resistance Point 7.2720
1st Resistance Point 7.2698
Last Price 7.2680
1st Support Level 7.2639
2nd Support Level 7.2602
3rd Support Level 7.2580

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52-Week High 7.3500
Last Price 7.2680
Fibonacci 61.8% 7.2337
Fibonacci 50% 7.1978
Fibonacci 38.2% 7.1618
52-Week Low 7.0455

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