RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

June Dollar:  The US dollar started out under pressure today because of the comments from the US president that the dollar was too strong, but it did appear as if the dollar garnered some buying interest in the wake of JP Morgan earnings this morning.  With US initial claims expected to be softer later this morning, residual weakness in US equities and the appearance of total disarray in Washington, the path of least resistance in the dollar should remain lower.  If the dollar is going to turn this around, it would take a move back above 10030.

Jun ’17 Dollar Index Daily Chart

Jun '17 Dollar Index Daily Chart

 

 

June Euro: With the short covering bounce in the euro over the prior 24 hours of trade off efforts to talk the dollar down, the euro might be set to garner a temporary windfall because of geopolitical issues in the United States.  However the euro is limited on the upside because of nondescript European inflation results.  Thick resistance in the June euro is seen this morning at 10707.  Given the fundamentals inside Europe, the euro could have difficulty avoiding a setback toward the recent consolidation low of 10620 next week.  The most significant bull argument for the euro today is its windfall from the weak action in the dollar.

Jun ’17 Euro FX Daily Chart

Jun '17 Euro FX Daily Chart

 

 

June Yen:  In addition to ongoing weakness in global equities and the geopolitical angst put in place this week the safe-haven standing of the Yen leaves the bull camp in control.  The bull camp in the Yen is probably drafting some fresh assistance from very favorable Chinese economic news overnight and also from favorable chart action.  Uptrend channel support in the June Yen is seen at 91.55 and therefore there might be in the way of resistance seen until the 92.50 level.  All things considered, it is difficult to call for an end to the current safe haven environment.

Jun ’17 Japanese Yen Daily Chart

Jun '17 Japanese Yen Daily Chart

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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