Talking Points:
– USDOLLAR Remains in Holding Pattern- Will NFPs Disappoint?
– EUR/USD Resistance/Support in Focus Ahead of ECB Rate Decision
– USD/CAD Rally Fizzles on Neutral BoC- Need Close Above 1.0930

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) continues to fall back from a fresh monthly high of 10,535 amid the mixed batch of data coming out of the world’s largest economy, and the greenback may face additional headwinds over the remainder of the week should the highly anticipated Non-Farm Payrolls (NFP) report fall short of market expectations.

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10526.44

10535.07

10510.02

0.07

89.10%

On the other hand, the European Central Bank (ECB) interest rate decision may boost the appeal of the reserve currency as the Governing Council is widely anticipated to further embark on its easing cycle in June, and we may see a sharp pickup in market volatility overthe next 24-hours of trade as market participants weigh the outlook for monetary policy.

With that said, a very dovish statement from the ECB paired with an upbeat NFP report may drive the dollar higher throughout June, but we would need to see a break and close above the April high (10,572) to favor a more bullish forecast for the greenback as the Federal Reserve remains reluctant to move away from its highly accommodative policy stance.

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Read More:
Price & Time: The EUR/USD Fork in the Road
GBP/USD Hammers as MACD Cross Develops. GBP/JPY Tests Range Top

USDOLLAR Daily

Chart – Created Using FXCM Marketscope 2.0
Remains at Risk of Carving Near-Term Top in June
Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
Interim Support: 10,354 to 10,375 (50.0 retracement)

Release

GMT

Expected

Actual

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