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Daily Market Reflection 02 June 2022
Market Outlook
The euro edged further away from a monthly high on
Wednesday and the U.S. dollar nudged higher, lifted by higher
Treasury yields as global inflation worries flared anew. The
dollar index, which measures the currency against six major
peers, including the euro, rose 0.2% to 101.96, extending on
Tuesday's gains, when data showed euro-area consumer
inflation soaring to a record. The euro was down 0.2% against
the greenback, continuing to edge back from a one-month high
of $1.0787, reached on Monday, when national CPI readings
from the euro zone indicated a high inflation print for the bloc.
Gold was down on Wednesday morning in Asia, over rising
U.S. Treasury yields and a strengthening U.S. dollar.Gold prices
fell about 1% during the previous session and recorded a
second consecutive month of declines in May. Gold futures
were down 0.48% to $1,839.50. The dollar, which normally
moves inversely to gold, was up on Wednesday.To combat
inflation, the Fed will start shrinking its $8.9 trillion balance
sheet and release its Beige Book later in the day. However,
investors are also concerned about a potential recession caused
by monetary tightening, with many investors pricing in two
half-point interest rate hikes in June and July.
Global Markets
European stock markets edged higher on Wednesday,
rebounding at the start of a new month although concerns
about the strength of the region’s economic recovery remain.
The DAX in Germany traded 0.6% higher, the CAC 40 in
France rose 0.4% and the U.K.’s FTSE 100 climbed 0.2%.
European equities have started the month of June on a
positive note, rebounding after the previous month ended
with sharp losses–the DAX closed down 1.3% and the CAC 40
dropped 1.4%--as Eurozone consumer prices jumped 8.1%
year-on-year in May, a record high.
INTRADAY SUPER STAR PREMIUM
Date Currency Entry Exit Target/SL
01/06 AUDCHF(S) 0.6865 0.6885 UNEX
Date Commodity Entry Exit Target/SL
31/05 GOLD(S) 1840 1830 TARGET
Fundamental News
 Global factory growth stunted by war,
China's COVID curbs.
 Japan Q1 corporate capital spending
rises 3%, led by manufacturers.
 Singapore's de-facto national dish in
the crossfire as Malaysia bans chicken
exports.
Index of the Week
SHANGHAI COMPOSITE INDEX
The Chinese government allowed more factories
and shops in Beijing and Shanghai to reopen.
Things to Note
Shanghai, announced tax breaks and subsidies to
help businesses recover from a two-month
shutdown.
Event Calendar (02nd
June 2022, Thursday)
Time Currency Event Forecast Previous
12:30 pm EUR Spanish Unemployment Change -33.5K -86.3K
All Day ALL OPEC-JMMC Meetings - -
All Day GBP Bank Holiday - -
All Day EUR Italian Bank Holiday - -
5:45 pm USD ADP Non-Farm Employment
Change
295K 247K
10:30 pm USD FOMC Member Mester Speaks - - -
Global Currencies
Currencies Previous
4:30 pm
Close % Chg
GBPUSD 1.2601 1.2600 +0.01%
EURUSD 1.0717 1.0733 -0.15%
USDJPY 129.38 128.68 +0.56%
EURJPY 138.69 138.11 +0.42%
GBPJPY 163.06 162.14 +0.57%
GBPCHF 1.2122 1.2086 +0.30%
USDCHF 0.9619 0.9592 +0.28%
USDCAD 1.2644 1.2644 0.00%
EURGBP 0.8507 0.8516 -0.11%
CHFJPY 134.51 134.10 +0.33%
EURCHF 1.0314 1.0295 +0.18%
AUDUSD 0.7192 0.7173 +0.26%
EURAUD 1.4908 1.4957 -0.33%
GBPAUD 1.7524 1.7559 -0.20%
International Markets
Index Value Change %
Change
DOW 32990.12 -222.84 -0.67%
NASDAQ 12081.39 -49.74 -0.41%
FTSE 7585.00 7633.57 -0.30%
NIKKEI 27457.89 +178.09 +0.65%
SHANGHAI 3182.16 -4.27 -0.13%
HANG SENG 21294.94 -120.26 -0.56%
DAX 14425.63 +37.24 +0.26%
COMEX
COMMODITY DATE
01/06/22
DATE
31/05/22
%
CHANGE
GOLD 1832.11 1837.57 -0.29%
SILVER 21.53 21.54 -0.04%
CRUDE 116.00 114.67 +1.16%
OVERVIEW
SILVER
R1 R2 S1 S2
22.10 22.20 21.60 21.40
GOLD
R1 R2 S1 S2
1840 1847 1820 1814
Gold after surpassing the
immediate supports hovered
around the lower levels for
most part of the session. Now,
1820 is seen as the immediate
support for it while 1845 is
seen as resistance for the
coming session.
Silver found strong support
around 21.40 and bounced
towards resistance levels of
21.90-22. Sustaining above 22
may again lead towards
higher levels of 22.20. On
lower side, 21.40 is still seen
as important support.
GBPUSD
R1 R2 S1 S2
1.2620 1.2660 1.2550 1.2530
EURUSD
R1 R2 S1 S2
1.0750 1.0780 1.0700 1.0670
EURUSD showed sideways
move during the session after
a strong downtrend seen in
the previous session. Hence,
1.0680 is still seen as
important support for the
currency pair while 1.0760 is
marked as resistance.
GBPUSD was seen negatively
biased as faced resistance near
higher levels. Bears can be
seen till it sustains below
1.2600 while 1.2640 may
continue as important
resistance for the pair.
INTRADAY SUPER STAR (PREMIUM)
SILVER is observed consolidating
in a pattern expected to move up
from the drawn level.
BUY ABOVE 22.78 TARGETS
22.93 SL BELOW 22.63
GBPUSDtraded near the support levels
and seems to break it.
SELL BELOW 1.2570 TARGETS
1.2550/1.2530 SL ABOVE 1.2590.
GOLD jumped from the lower levels and
the breakout on hourly chart indicates
bullish moves.
BUY ABOVE 1840 TARGETS 1845/1850
SL BELOW 1835.
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TGO 02 JUNE Forex Market Report

  • 1. Daily Market Reflection 02 June 2022 Market Outlook The euro edged further away from a monthly high on Wednesday and the U.S. dollar nudged higher, lifted by higher Treasury yields as global inflation worries flared anew. The dollar index, which measures the currency against six major peers, including the euro, rose 0.2% to 101.96, extending on Tuesday's gains, when data showed euro-area consumer inflation soaring to a record. The euro was down 0.2% against the greenback, continuing to edge back from a one-month high of $1.0787, reached on Monday, when national CPI readings from the euro zone indicated a high inflation print for the bloc. Gold was down on Wednesday morning in Asia, over rising U.S. Treasury yields and a strengthening U.S. dollar.Gold prices fell about 1% during the previous session and recorded a second consecutive month of declines in May. Gold futures were down 0.48% to $1,839.50. The dollar, which normally moves inversely to gold, was up on Wednesday.To combat inflation, the Fed will start shrinking its $8.9 trillion balance sheet and release its Beige Book later in the day. However, investors are also concerned about a potential recession caused by monetary tightening, with many investors pricing in two half-point interest rate hikes in June and July. Global Markets European stock markets edged higher on Wednesday, rebounding at the start of a new month although concerns about the strength of the region’s economic recovery remain. The DAX in Germany traded 0.6% higher, the CAC 40 in France rose 0.4% and the U.K.’s FTSE 100 climbed 0.2%. European equities have started the month of June on a positive note, rebounding after the previous month ended with sharp losses–the DAX closed down 1.3% and the CAC 40 dropped 1.4%--as Eurozone consumer prices jumped 8.1% year-on-year in May, a record high. INTRADAY SUPER STAR PREMIUM Date Currency Entry Exit Target/SL 01/06 AUDCHF(S) 0.6865 0.6885 UNEX Date Commodity Entry Exit Target/SL 31/05 GOLD(S) 1840 1830 TARGET Fundamental News  Global factory growth stunted by war, China's COVID curbs.  Japan Q1 corporate capital spending rises 3%, led by manufacturers.  Singapore's de-facto national dish in the crossfire as Malaysia bans chicken exports. Index of the Week SHANGHAI COMPOSITE INDEX The Chinese government allowed more factories and shops in Beijing and Shanghai to reopen. Things to Note Shanghai, announced tax breaks and subsidies to help businesses recover from a two-month shutdown.
  • 2. Event Calendar (02nd June 2022, Thursday) Time Currency Event Forecast Previous 12:30 pm EUR Spanish Unemployment Change -33.5K -86.3K All Day ALL OPEC-JMMC Meetings - - All Day GBP Bank Holiday - - All Day EUR Italian Bank Holiday - - 5:45 pm USD ADP Non-Farm Employment Change 295K 247K 10:30 pm USD FOMC Member Mester Speaks - - - Global Currencies Currencies Previous 4:30 pm Close % Chg GBPUSD 1.2601 1.2600 +0.01% EURUSD 1.0717 1.0733 -0.15% USDJPY 129.38 128.68 +0.56% EURJPY 138.69 138.11 +0.42% GBPJPY 163.06 162.14 +0.57% GBPCHF 1.2122 1.2086 +0.30% USDCHF 0.9619 0.9592 +0.28% USDCAD 1.2644 1.2644 0.00% EURGBP 0.8507 0.8516 -0.11% CHFJPY 134.51 134.10 +0.33% EURCHF 1.0314 1.0295 +0.18% AUDUSD 0.7192 0.7173 +0.26% EURAUD 1.4908 1.4957 -0.33% GBPAUD 1.7524 1.7559 -0.20% International Markets Index Value Change % Change DOW 32990.12 -222.84 -0.67% NASDAQ 12081.39 -49.74 -0.41% FTSE 7585.00 7633.57 -0.30% NIKKEI 27457.89 +178.09 +0.65% SHANGHAI 3182.16 -4.27 -0.13% HANG SENG 21294.94 -120.26 -0.56% DAX 14425.63 +37.24 +0.26% COMEX COMMODITY DATE 01/06/22 DATE 31/05/22 % CHANGE GOLD 1832.11 1837.57 -0.29% SILVER 21.53 21.54 -0.04% CRUDE 116.00 114.67 +1.16%
  • 3. OVERVIEW SILVER R1 R2 S1 S2 22.10 22.20 21.60 21.40 GOLD R1 R2 S1 S2 1840 1847 1820 1814 Gold after surpassing the immediate supports hovered around the lower levels for most part of the session. Now, 1820 is seen as the immediate support for it while 1845 is seen as resistance for the coming session. Silver found strong support around 21.40 and bounced towards resistance levels of 21.90-22. Sustaining above 22 may again lead towards higher levels of 22.20. On lower side, 21.40 is still seen as important support.
  • 4. GBPUSD R1 R2 S1 S2 1.2620 1.2660 1.2550 1.2530 EURUSD R1 R2 S1 S2 1.0750 1.0780 1.0700 1.0670 EURUSD showed sideways move during the session after a strong downtrend seen in the previous session. Hence, 1.0680 is still seen as important support for the currency pair while 1.0760 is marked as resistance. GBPUSD was seen negatively biased as faced resistance near higher levels. Bears can be seen till it sustains below 1.2600 while 1.2640 may continue as important resistance for the pair.
  • 5. INTRADAY SUPER STAR (PREMIUM) SILVER is observed consolidating in a pattern expected to move up from the drawn level. BUY ABOVE 22.78 TARGETS 22.93 SL BELOW 22.63 GBPUSDtraded near the support levels and seems to break it. SELL BELOW 1.2570 TARGETS 1.2550/1.2530 SL ABOVE 1.2590. GOLD jumped from the lower levels and the breakout on hourly chart indicates bullish moves. BUY ABOVE 1840 TARGETS 1845/1850 SL BELOW 1835.
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