Weekly Fundamental News – June 3, 2014
Here are the important news releases for this week.
Tuesday will have several economic releases throughout the day, such as New Zealand Overseas Trade Index; Australia Current Account, Retail Sales, and Cash Rate Announcement and Rate Statement; China Non-Manufacturing PMI; Japan Average Cash Earnings; UK Construction Purchasing Managers’ Index and Nationwide HPI; Euro-area Unemployment Rate; as well as US Factory Orders.
For Wednesday, we will have Australia’s GDP data; Services PMI for UK, Spain, and Italy; Group of 7 or G7 Meetings; US Trade Balance, ISM Non-Manufacturing PMI, and ADP Non-Farm Employment Change; Canada Trade Balance; Bank of Canada Rate Announcement and Statement.
For Thursday, we will have Australia’s Trade Balance data; China’s HSBC Services PMI; Euro-area Retail Sales; central bank rate announcements from ECB and BOE; G7 Meetings; Canada’s Ivey PMI and Building Permits; and US Unemployment Claims.
For Friday, we will have subdued news activity with Germany’s Trade Balance data; Switzerland’s Consumer Price Index and Foreign Currency Reserves; UK Trade Balance; employment data coming out of Canada and the United States.
Weekly Technical Analysis: June 3, 2014
EURUSD
The bearish pressure on EURUSD is set to continue for the fifth straight week. Currently, the pair is toying around the possibility of breaking the 1.3600 level this week. Bulls seriously need a move back close to the 1.3800-1.3900 level to hold off the impending decline. A consistent break of 1.3600 would expose 1.3200-1.3300.
USDCHF
Since May 7, USDCHF has enjoyed mostly bullish daily closes. In fact, only 6 days registered bearish closes since then. Now, the pair needs to tackle the 0.9000 level in order to earn the ticket to reach much higher grounds. Beyond 0.9000, the first line of resistance lies around 0.9100-0.9200.
USDJPY
USDJPY has seen a minor retracement since May 21, and the pair now looks ready to take on higher prices. If 102 will hold, bulls should try to fight for a break of 103.50-104.
NZDUSD
Just like EURUSD, NZDUSD has been practically downside-biased since the start of May. The pair is currently testing the waters around the mid-0.8400s with a near-term aim of attacking 0.8000-0.8200. Resistance is building up around 0.8600-0.8700. Bulls must consolidate their efforts and bring price back above 0.8600 this week.
