Daily Forex Analysis - 2th June 2021

USD Overview (02 June 2021)

Yesterday, USD strengthened against most major currencies except AUD, JPY and CHF.

The Final Manufacturing PMI data (Actual: 62.1, Forecast: 61.5, Previous: 61.5) released by IHS Markit yesterday indicated a slight upward revision in the expansion of the manufacturing sector in May.

Also, the ISM Manufacturing PMI data (Actual: 61.2, Forecast: 61.2, Previous: 60.7) released indicated a slight increase in the pace of expansion of the manufacturing sector in May.

FOMC members Bostic and Evans will be speaking tomorrow at 0200 (GMT+8). During this time, there may be volatility in USD.

NZD/USD Outlook (02 June 2021)

Overall, NZD/USD is ranging across. Recently, NZD/USD rejected the resistance zone of 0.72850.

Currently, NZD/USD is moving towards the resistance zone of 0.72850 and the next support zone is at 0.71000.

Look for selling opportunities of NZD/USD if it bounces off the resistance zone of 0.72850.

AUD/USD Outlook (02 June 2021)

Overall, AUD/USD is ranging across.

During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) kept interest rate at 0.10% while maintaining quantitative easing (QE) at its current settings. The central bank highlighted that the progress in reducing unemployment rate has been faster than expected. It also reiterated that evaluation of QE will be held during its July meeting.

The Australian Building Approvals m/m data (Actual: -8.6%, Forecast: -10.1%, Previous: 17.4%) released yesterday indicated a decline in the number of buildings being approved for construction.

The Australian GDP q/q data (Forecast: 1.1%, Previous: 3.1%) will be released later at 0930 (GMT+8).

RBAs Deputy Governor Debelle will be testifying before the Senate Economics Legislation Committee later at 1700 (GMT+8). During this time, there may be volatility in AUD.

The Australian Retail Sales m/m data (Forecast: 1.1%, Previous: 1.1%) will be released tomorrow at 0930 (GMT+8).

Currently, AUD/USD is moving towards the resistance zone of 0.78000 next the next support zone is at 0.75500.

Look for selling opportunities of AUD/USD if it bounces off the resistance zone of 0.78000.

USD/JPY Outlook (02 June 2021)

Overall, USD/JPY is ranging across.

USD/JPYs next support zone is at 108.500 and the next resistance zone is at 110.800.

Look for selling opportunities of USD/JPY.

EUR/USD Outlook (02 June 2021)

Overall, EUR/USD is trending upwards.

The eurozone CPI flash estimate y/y data released yesterday indicated an increase in annual inflation.

- CPI Flash Estimate y/y (Actual: 2.0%, Forecast: 1.9%, Previous: 1.6%)

- Core CPI Flash Estimate y/y (Actual: 0.9%, Forecast: 0.9%, Previous: 0.7% revised from 0.8%)

Also, the eurozone Unemployment Rate data (Actual: 8.0%, Forecast: 8.1%, Previous: 8.1%) released indicated a slight decrease in jobless rate.

EUR/USDs next support zone is at 1.21500 and the next resistance zone is at 1.23200.

Look for buying opportunities of EUR/USD.

GBP/USD Outlook (02 June 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke below the key level of 1.42.

GBP/USDs next support zone is at 1.40000 and the next resistance zone is at 1.43500.

Look for short-term selling opportunities of GBP/USD.

USD/CAD Outlook (02 June 2021)

Overall, USD/CAD is trending downwards.

During their meeting yesterday, OPEC and the other oil-producing members have agreed to continue easing oil production cuts as agreed back in Aprils meeting to return 2.1 million barrels-per-day of oil between May and July.

The Canadian GDP m/m data (Actual: 1.1%, Forecast: 1.0%, Previous: 0.4%) released yesterday indicated a strong increase in economic growth in March.

Also, the Canadian Manufacturing PMI data (Actual: 57.0, Forecast: NA, Previous: 57.2) released indicated continued expansion of the manufacturing sector in May at a similar rate as in April.

The Canadian Building Permits m/m data (Forecast: -5.2%, Previous: 5.7%) will be released later at 2030 (SGT+8).

USD/CADs next support zone is at 1.19000 and the next resistance zone is at 1.21000.

Look for short-term selling opportunities of USD/CAD.

GBP/JPY Outlook (02 June 2021)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY trended into the support zone of 155.000.

Currently, GBP/JPY is testing the support zone of 155.000 and the next resistance zone is at 157.000.

Look for short-term selling opportunities of GBP/JPY if it breaks the support zone of 155.000.

EUR/JPY Outlook (02 June 2021)

Overall, EUR/JPY is trending upwards.

The eurozone CPI flash estimate y/y data released yesterday indicated an increase in annual inflation.

- CPI Flash Estimate y/y (Actual: 2.0%, Forecast: 1.9%, Previous: 1.6%)

- Core CPI Flash Estimate y/y (Actual: 0.9%, Forecast: 0.9%, Previous: 0.7% revised from 0.8%)

Also, the eurozone Unemployment Rate data (Actual: 8.0%, Forecast: 8.1%, Previous: 8.1%) released indicated a slight decrease in jobless rate.

Currently, EUR/JPY is moving towards the key level of 134. Its next support zone is at 132.800 and the next resistance zone is at 134.300.

Look for short-term selling opportunities of EUR/JPY if it bounces off the key level of 134.