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Forex Weekly Outlook from May 29, 2017- June 2, 2017

Today there is bank holiday in the U.S. but lots of events will be during this week.

 

Mo-Wed

EUR

ECB president Draghi will make a speech again today; The EUR has been making an impressive move vs. the greenback which indicates us that the economic situations in the EU become brighter and some monetary policies would be changed soon.

Technical point of view, we are the opinion that EUR will make further moves up vs. the greenback in the coming days. A  further upside will lead the EUR to next higher destination.

Another scenario is that EUR will be corrected lower to keep waiting for some news from EU this week, and also the NFP in the U.S. on this coming Friday. Take your look at the depicted chart below for more info:

 

Thu-Fri

XAUUSD

On Thursday and Friday we have some important news in the U.S. as usually, so the NFP. Last FOMC minutes, the FOMC members did signalize about the rate hike in June 2017. How many basis points will Fed hike, it still remains unanswered for the markets, it might be just 0.25 basis points as usually and as a formal thing Fed must do. Hence the story with rate hike seems to be not really “hot” for the markets. The markets care about the policies by the Trump’s administration and some political issues recently, which create turmoils in the markets.

Technical point of views, we take XAUUSD as the measure for the political turmoils and unrest. Take you look at the depicted chart below for more info:

 

Trade well!

 

Makkaba team

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