Blue Line FX Rundown
FX Rundown

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Euro (June)

Fundamentals:The Euro finished higher for third straight session as we look ahead to tomorrows Federal Reserve policy decision at 1:00 pm CT. Driving price action today was less-pessimistic than expected ZEW Economic Sentiment data from both Germany and the Eurozone; this was the fifth beat in a row for the German read although still in negative/pessimistic territory. Bringing an additional tailwind was weaker than expected U.S Factory Orders; the fourth miss in a row. According to the CMEs FedWatch Tool this afternoon, there is a 98.7% chance the Fed leaves rates unchanged and a 1.3% probability they cut rates tomorrow. Going out to December, there is a 76.4% chance rates are left unchanged all year and a 23.6% probability they cut rates by December. Furthermore, it is pricing-in no chance of a hike this year. This truly ups the ante for what might be the most important Dot Plot yet. Additionally, we will be looking for the Fed to firm up the timeline to end unwinding its balance sheet this year. Despite recent comments, there is nothing like a Fed policy meeting to cement this rhetoric and upon such, we see substantial upside in the Euro. However, if they do not confirm this rhetoric, we expect the Dollar to strengthen against all currencies.

Technicals:Although price action is up marginally today, it has not broken out above major three-star resistance at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Yen (June)

Fundamentals:The Yen again held ground today as the Dollar was a bit softer on a broad basis and Treasury yields rose, however, Gold stayed firm. Equity markets had extended gains early in the session before conflicting reports on China trade brought price action in. This overall landscape buoyed the Yen while we look to a pivotal Fed meeting tomorrow. Up first though are the Minutes from the Bank of Japans previous meeting tonight at 6:50 pm CT.

Technicals:Price action is tethered to our pivot which is the ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Aussie (June)

Fundamentals:The Aussie ticked down after conflicting reports tied to U.S and China trade. Bloomberg first reported U.S officials are concerned China is taking offers off the table. Others then reported U.S Treasury Secretary Mnuchin and U.S Trade Representative Lighthizer are traveling to China next week and a deal is in the final stages. Overall, this bit of uncertainty rattled what has been an unfazed risk-sentiment and stocks, Crude and Copper all retreated from the morning highs. The Aussie followed. Last night, the RBA Minutes showed a fairly dovish committee but not more than expected. Tonight, RBA Assistant Governor Bullock speaks at 9:00 pm CT

Technicals:The slow grind higher stalled today and major three-star resistance at ....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Canadian (June)

Fundamentals:The Canadian Budget is due this afternoon and we have seen a two-sided trade in todays session. An early morning melt-up followed Crude Oil and a broadly strong risk-environment. However, once Crude stalled under $60 and retreated, so did the Canadian. The mixed reports on the U.S and China trade front also weighed on the tape. Traders should expect the volatility to continue through tomorrow.

Technicals:Price action failed directly at first key resistance at ....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.



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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.