{"id":87255,"date":"2024-07-02T11:38:07","date_gmt":"2024-07-02T08:38:07","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=87255"},"modified":"2024-07-02T12:17:20","modified_gmt":"2024-07-02T09:17:20","slug":"usd-begins-the-week-on-the-front-foot","status":"publish","type":"post","link":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/","title":{"rendered":"USD begins the week on the front foot"},"content":{"rendered":"<p>The USD began the week on the front foot as it edged higher against its counterparts yesterday. We note that Fed policymakers continue to hesitate to start cutting rates, which tends to contradict market expectations for two rate cuts by the bank within the year and may provide support for the USD. In the coming days, we highlight two market-moving events, the one being the release of the Fed\u2019s June meeting minutes on Wednesday and should the document verify that Fed policymakers are prepared to keep rates high for longer, we may see the USD getting some support. On Friday we get the US employment data for June and should the data imply the presence of a slack in the US employment market we may see the USD losing some ground as the pressure on the Fed to start cutting rates is to increase. In the land of the rising sun, JPY continues to weaken, especially against the USD, reaching practically record high levels. Despite Japan\u2019s finance minister Suzuki expressing vigilance for the matter yet refraining from warning for a possible market intervention, we still see the possibility of BoJ coming to JPY\u2019s rescue as high. Across the Atlantic, the uncertainty caused by the result of the first round of the French legislative elections tends to create a wide degree of uncertainty for the EUR on a political level, as a possible dominance of Marine Le Pen\u2019s far right party in the French Parliament could enhance centrifuge forces. At the same time, the ECB seems set to continue cutting rates as inflation tends to ease. Overall, the signals on a fundamental and macroeconomic level, seem to weigh on the EUR. In the UK Thursday\u2019s elections, are set to provide a shift of power in Government, as the Labour party leads the polls by a wide margin. Overall, there is uncertainty on a political level for pound traders which could weigh on the sterling in the coming days.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"USD on the front foot as Q3 begins\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/DCMFXQv-cBE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>USD\/JPY appears to be moving in an upwards fashion. We opt for a bullish outlook for the pair and supporting our case is the RSI indicator below our chart which currently registers a figure above 70, implying a bullish market sentiment, in addition to the upwards moving channel and upwards moving trendline which were incepted on the 2nd of January and the 12th of June respectively. For our bullish outlook, to continue, we would require a clear break above the 163.00 (S1) support with the next possible target for the bulls being the 166.00 (R2) resistance line. On the flip side for a bearish outlook, we would require a break below the 160.35 (S1) support line with the next possible target for the bears being the 157.75 (S2) support line. Lastly, for a sideways bias we would require the index to remain confined between the 160.35 (S1) support line and the 163.00 (R1) resistance level.<\/p>\n\n\n\n<p>EUR\/USD appears to be hovering near our 1.0740 (R1) resistance level. We opt for a neutral outlook for the pair and supporting our case is the RSI indicator below our chart which currently registers a figure near 50, implying a neutral market sentiment. For our sideways bias to continue, we would require the pair to remain confined within the 1.0615 (S1) support level and the 1.0740 (R1) resistance line. On the flip side for a bullish outlook, we would require the pair to make a clear break above the 1.0740 (R1) resistance line with the next possible target for the bulls being the 1.0890 (R2) resistance level. Lastly, for a bearish outlook, we would require the pair to make a clear break below the 1.0615 (S1) support level, with the next possible target for the bears being the 1.0450 (S2) support base.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Other highlights for the day<\/strong><\/h2>\n\n\n\n<p>Today we get Eurozone\u2019s preliminary HICP rates for June, New Zealand\u2019s milk auctions figure and from the US Mays\u2019 JOLTS job openings figure as well as the API weekly crude oil inventories figure. On the monetary front, we note that  ECB President Lagarde as well as Fed Chairman Powell speak. During tomorrow\u2019s Asian session, we note the release of the PMI figures for June of China, Japan and Australia, while from Australia we also get May\u2019s retail sales and building approvals growth rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-daily-chart\"><strong>EUR\/USD Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"452\" src=\"\/wp-content\/uploads\/2024\/07\/image-5.png\" alt=\"support at  one point zero six one five and resistance at one point zero seven four zero , direction sideways  \" class=\"wp-image-87256\" title=\"eur-usd-daily-chart\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Support: 1.0615 (S1), 1.0450 (S2), 1.0290 (S3)<\/li>\n\n\n\n<li>Resistance: 1.0740 (R1), 1.0890 (R2), 1.1010 (R3) <strong><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>USD\/JPY Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"452\" src=\"\/wp-content\/uploads\/2024\/07\/image-6.png\" alt=\"support at  one hundred and sixty point thirty five and resistance at one hundred and sixty three, direction upwards  \" class=\"wp-image-87257\" title=\"usd- jpy-daily -chart\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Support: 160.35 (S1), 157.75 (S2), 154.60 (S3)<\/li>\n\n\n\n<li>Resistance: 163.00 (R1), 166.00 (R2), 169.00 (R3) <strong><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2004\" height=\"496\" src=\"\/wp-content\/uploads\/2024\/07\/image-7.png\" alt=\"\" class=\"wp-image-87258\" title=\"benchmark-02-07-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"1058\" src=\"\/wp-content\/uploads\/2024\/07\/image-8.png\" alt=\"\" class=\"wp-image-87259\" title=\"morning-releases-02-07-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"676\" src=\"\/wp-content\/uploads\/2024\/07\/image-9.png\" alt=\"\" class=\"wp-image-87260\" title=\"morning-releases-02-07-2024\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD began the week on the front foot as it edged higher against its counterparts yesterday. We note that<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-87255","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forex blog - IronFX\u2122 | USD begins the week on the front foot<\/title>\n<meta name=\"description\" content=\"The USD edged higher against its counterparts as Fed policymakers hesitated to start cutting rates, providing support for the USD.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/id\/wp-json\/wp\/v2\/posts\/87255\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD begins the week on the front foot\" \/>\n<meta property=\"og:description\" content=\"The USD edged higher against its counterparts as Fed policymakers hesitated to start cutting rates, providing support for the USD.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-02T08:38:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-02T09:17:20+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"USD begins the week on the front foot\",\"datePublished\":\"2024-07-02T08:38:07+00:00\",\"dateModified\":\"2024-07-02T09:17:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/\"},\"wordCount\":807,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"id\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/\",\"url\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/\",\"name\":\"Forex blog - IronFX\u2122 | USD begins the week on the front foot\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#website\"},\"datePublished\":\"2024-07-02T08:38:07+00:00\",\"dateModified\":\"2024-07-02T09:17:20+00:00\",\"description\":\"The USD edged higher against its counterparts as Fed policymakers hesitated to start cutting rates, providing support for the USD.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/#breadcrumb\"},\"inLanguage\":\"id\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/usd-begins-the-week-on-the-front-foot\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"USD begins the week on the front foot\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#website\",\"url\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. Become an IB and enjoy the highest market rebates.&quot;\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"id\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#organization\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"url\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"id\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/ironfx-forex-trading.jpg\",\"contentUrl\":\"\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/ironfx-forex-trading.jpg\",\"width\":1200,\"height\":627,\"caption\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\"},\"image\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/id\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\",\"name\":\"IronFX Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"id\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g\",\"caption\":\"IronFX Team\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Forex blog - IronFX\u2122 | USD begins the week on the front foot","description":"The USD edged higher against its counterparts as Fed policymakers hesitated to start cutting rates, providing support for the USD.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ironfx.com\/id\/wp-json\/wp\/v2\/posts\/87255\/","og_locale":"id_ID","og_type":"article","og_title":"USD begins the week on the front foot","og_description":"The USD edged higher against its counterparts as Fed policymakers hesitated to start cutting rates, providing support for the USD.","og_url":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/","og_site_name":"Complete Turnkey Introducing Brokers (IB) Solution at IronFX","article_published_time":"2024-07-02T08:38:07+00:00","article_modified_time":"2024-07-02T09:17:20+00:00","author":"IronFX Team","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/#article","isPartOf":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/"},"author":{"name":"IronFX Team","@id":"https:\/\/www.smartchinaeducation.com\/id\/#\/schema\/person\/6727476356d10030d1564b38f6e699b1"},"headline":"USD begins the week on the front foot","datePublished":"2024-07-02T08:38:07+00:00","dateModified":"2024-07-02T09:17:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/"},"wordCount":807,"commentCount":0,"publisher":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/#organization"},"articleSection":["Uncategorized"],"inLanguage":"id"},{"@type":"WebPage","@id":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/","url":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/","name":"Forex blog - IronFX\u2122 | USD begins the week on the front foot","isPartOf":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/#website"},"datePublished":"2024-07-02T08:38:07+00:00","dateModified":"2024-07-02T09:17:20+00:00","description":"The USD edged higher against its counterparts as Fed policymakers hesitated to start cutting rates, providing support for the USD.","breadcrumb":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/#breadcrumb"},"inLanguage":"id","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.smartchinaeducation.com\/id\/usd-begins-the-week-on-the-front-foot\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smartchinaeducation.com\/id\/"},{"@type":"ListItem","position":2,"name":"USD begins the week on the front foot"}]},{"@type":"WebSite","@id":"https:\/\/www.smartchinaeducation.com\/id\/#website","url":"https:\/\/www.smartchinaeducation.com\/id\/","name":"Solusi Lengkap Turnkey Introducing Broker (IB) di IronFX","description":"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. Become an IB and enjoy the highest market rebates.&quot;","publisher":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.smartchinaeducation.com\/id\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"id"},{"@type":"Organization","@id":"https:\/\/www.smartchinaeducation.com\/id\/#organization","name":"Solusi Lengkap Turnkey Introducing Broker (IB) di IronFX","url":"https:\/\/www.smartchinaeducation.com\/id\/","logo":{"@type":"ImageObject","inLanguage":"id","@id":"https:\/\/www.smartchinaeducation.com\/id\/#\/schema\/logo\/image\/","url":"\/wp-content\/uploads\/2021\/07\/ironfx-forex-trading.jpg","contentUrl":"\/wp-content\/uploads\/2021\/07\/ironfx-forex-trading.jpg","width":1200,"height":627,"caption":"Complete Turnkey Introducing Brokers (IB) Solution at IronFX"},"image":{"@id":"https:\/\/www.smartchinaeducation.com\/id\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.smartchinaeducation.com\/id\/#\/schema\/person\/6727476356d10030d1564b38f6e699b1","name":"IronFX Team","image":{"@type":"ImageObject","inLanguage":"id","@id":"https:\/\/secure.gravatar.com\/avatar\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g","caption":"IronFX Team"}}]}},"_links":{"self":[{"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/posts\/87255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/comments?post=87255"}],"version-history":[{"count":0,"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/posts\/87255\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/media?parent=87255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/categories?post=87255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smartchinaeducation.com\/id\/wp-json\/wp\/v2\/tags?post=87255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}