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Currency Analyst since 2010

RBA cut benchmark rate

EUR/USD eased down to the 1.1100 area after it met resistance at 1.1290 on Friday (100-day MA). The pair finds support at the daily Ichimoku Cloud at 1.1066.

GBP/USD is trying to hold above 1.5100 after it fell last week from highs in the 1.5500 area. The pound is under pressure ahead of the UK election which will take place on Thursday. The latest opinion polls continue to put the Conservative and Labour parties neck and neck, so there’s a very strong risk of a hung parliament.

USD/JPY is trying to hold above 120.00. US Treasury yields rose to 7-week high. It’s a bank holiday in Japan. Traders are waiting for the release of the ISM non-manufacturing PMI.

AUD/USD is trading on the upside in the 0.7870 area. The Reserve Bank of Australia cut its benchmark rate to 2.0%. Still, such decision was widely expected, so after the initial dip traders took profit on short positions closing them.

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