While the dollar has shown a bit of weakness to start off this morning, the weakness has been somewhat minimal. However, expectations are calling for weaker data this morning and it may take hawkish dialogue from two FED speeches to ignite the recoveries from the lows seen in the last few trading sessions. Support comes in today for the US dollar at 8930 with resistance coming in at 8970.

While the US has solicited some support from European officials regarding the need to respond to the human tragedies in Syria, the Russian comments overnight clearly raise the risk to those who participate in a military action in Syria. Trump is scheduled to speak with the French leadership and France has indicated they have proof of the use of chemical weapons and therefore the euro should be expected to be pressured along with the dollar because of geopolitical concerns. We see overnight German inflation readings and euro zone Eurostat trade readings minimally supportive. However, the last two days have provided negative chart action. Support comes in at 1247300 with resistance at 1242500.

U.S. Dollar Jun ’18 Daily Chart

 

Euro Jun ’18 Daily Chart