EUR/USD: the instrument shows sideways dynamics
The euro is trading relative stability in a pair against the US currency, testing the 1.0440 mark.
As expected by a number of reputable analysts, the key indicator was increased by 0.75%, contrary to preliminary forecasts of growth by 50 basis points. The decisive step is due to the statistics of consumer prices in the United States, which was published the day before and reflected the growth of May prices, although inflation slowed slightly in April. At the same time, the agency made it clear that it intends to continue tightening monetary policy, considering a more aggressive strategy to combat high inflation. The current situation requires the regulator to increase the rate to the target of 3.4% this year. To achieve such a result, the US Federal Reserve will have to increase the indicator by 1.75% in the future of this year.
- Resistance levels: 1.0459, 1.0500, 1.0562, 1.0600.
- Support levels: 1.0400, 1.0350, 1.0300, 1.0250.
AUD/USD: "bulls" took advantage in the pair
The Australian currency is trading with moderate growth, being around the 0.7000 mark within the framework of upward dynamics. The AUD/USD instrument continues to develop a positive trend, which allowed the asset to move away from the local minimum on May 12.
The currency pair gained support thanks to positive data on the Australian employment market in May. According to statistics, the indicator of the employed population demonstrates a strengthening of positions by 60.6 thousand in numerical terms, showing an increase of 4.0 thousand in April the day before, contrary to the forecast of growth by 25.0 thousand. Meanwhile, the mood was driven by the strengthening of the employment rate, and the indicator of part-time employment decreased by 8,7 thousand. Unemployment positions for May remained at the same level of 3.9%, despite expectations of a decline to 3.8%.
- Resistance levels: 0.7050, 0.7100, 0.7150, 0.7202.
- Support levels: 0.7000, 0.6950, 0.6900, 0.6849.
Gold Prices
The price of gold is trading with a correction of the flat movement in the area of 1830.0, maintaining the previous trend. The precious metal fluctuates within a narrow range of 1880.0 – 1800.0, showing only a slight strengthening against the background of the decisions of the US regulator on monetary policy, as part of the tightening of which the rate was raised to 1.75%.
In any case, in the event of even a slight increase in the price of gold, one should not expect a reversal of the market situation, which remains negative. According to reports from the CFTC, the level of contracts remains with sellers, within which they retain 71,880 thousand contracts against 23,852 thousand contracts from buyers. In the swap dealing segment, the gap indicator is more significant: 245,231 thousand contracts are fixed for sale compared to 83,939 thousand for purchase. Last week held the balance in favor of consumers, who eliminated 3,376 thousand offers, against 4,580 thousand closed. positions by sellers. Fundamental factors provide for a low level of demand for metal, which is why the two sides of the market are not increasing their assets.
- Support levels: 1807.0, 1752.0.
- Resistance levels: 1848.0, 1895.0.
Oil Market Overview
During the Asian trading session, the price of "black gold" of the benchmark Brent brand moves without a single dynamics of the movement of value, being at the level of 117.00. Recall, the asset showed a moderate decline due to macroeconomic data on reserves of petroleum products and oil, reducing the risks of a shortage of supply of hydrocarbons on trading platforms.
According to the IEA report, the reserves of the commercial segment in global terms increased by 7 million barrels in April against March figures. Positive factors were also confirmed in the EIA: as of June 10, the mark added 2 million barrels, contrary to the expected decrease of 1.3 million barrels. The production capacity of raw materials in the United States also increased to 100 thousand barrels per day, reaching the target of 12 million barrels per day. The data published by the OPEC cartel confirms the level of demand at 3.4 million. barrels per day, leaving it without significant changes, being at the level of 100.3 million barrels per day. The organization hopes that it will be able to eliminate failures in the logistics chain in case of resumption of air flights on a regular basis, maintaining positive signals for the instrument.
- Resistance levels: 120.00, 123.24, 125.85, 128.60.
- Support levels: 116.00, 114.09, 112.00, 109.00.