Euro Poised to Test 1.16 Before Potential Fall
The Euro is expected to attempt testing the level of 1.1600 before potentially coming down towards 1.1500 against the US Dollar. This forecast comes as most currencies are trading strong against the Dollar Index, which may fluctuate between 100-99.40 in the near term with an eventual rise beyond 100.
Meanwhile, USDJPY has recovered well and appears poised to test levels of 160 and higher soon, while EURJPY can slowly rise towards the 185-160 region. The Australian Dollar and Pound Sterling are also expected to test levels of 0.71-0.72 and 1.35+ before potentially facing rejection.
The US Treasury Yields are moving up in line with expectations, which may lead to further increases from here, testing resistance levels. A short-lived correction is possible after this increase. The upcoming US CPI data release tomorrow will be a key event to watch.