UFX Daily Forex Currency Trading News 08-June-2016

Mixed economic data lowers market
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Wall Street finished mixed following mixed U.S. economic data. The Dow Jones rose by 0.10%, the S&P 500 by 0.13%, and the NASDAQ lost 0.14% from its value. Cisco share fell, closing at $29.07.

The U.S. Dollar traded low against most major currencies after the IBD/TIPP Economic Optimism report came out less than expected at 48.2 combined with uncertainty about the timing of interest rate hikes.Today, the JOLTS Job Openings is expected at 5.67M vs. 5.76M previously.

Gold fell, closing at $1,246 an ounce. Crude Oil rose, closing at $50.42 a barrel. Today, the Crude Oil Inventories is expected at -3.2M vs. -1.4M previously.

The euro rose slightly versus the dollar, closing at 1.1358. Technically, according to the daily chart,the pair is trading close to the higher band of the Bollinger Bands indicator with the MACD above 0. Should the pair succeed in breaching the upper band, a rise towards 1.1500 is expected. However, failing to do so may start a reversal towards the lower band.

The Pound rose versus the dollar, closing at 1.4540 as the Halifax HPI came better than expected at 0.6% vs. 0.5% forecast.
Technically, according to the 1-hour chart, the pair has touched the upper band of the Bollinger Bands indicator and is trading positive supported by the RSI above 0. Breaching the upper band may lift the pair towards 1.4700, while crossing below the lower band may push it down towards 1.4400 areas. Today, the Manufacturing Production is expected at 0.0% vs. 0.1% previously.

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