DXY –Sideways. The DXY index was unable to sustain moves beyond the 80.828-barrier
and edged lower to around 80.755 into Asia. Moves were in tandem with UST
10-year yields and the 80.681-mark supported downsides. MACD has pared all
bullish momentum on the 4-hourly chart and more downside risks seen for
intra-day trade. Next major support is seen at 80.275 though we reckon dips
towards 80.420 could be shallow given still soggy EUR. Upticks remain guarded
by the 80.828-barrier.
USD/JPY – Bid. USD/JPY was dragged lower by equities both overseas and domestic,
taking out our support at 102.20. Still, pair managed to stay afloat above
the 102-level at around 102.03 currently. Weak core machine orders in Apr
(down 9.1% m/m) are also likely to weigh on the pair. Intraday MACD forest
remains flattish with risks now increasingly tilted to the downside. Given
cautious sentiments ahead of the BOJ policy announcement tomorrow, bids are
likely to be limited around 101.77 (2 Jun low), while offers are likely to be
capped around 102.20.
AUD/USD – Downside risks. AUD/USD made a short-lived attempt past the
0.94-barrier before easing back to levels around 0.9380. The May labour
report is key and reported a fall of 4.8K, well under the consensus of a 10K
addition. The pairing made a sharp pullback towards 0.9350 before reversing
higher to around 0.9380, near its opening value. Downside pressure is likely
to push the pair towards the support at 0.9350.
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