During today’s Currency Call, Gim Hong highlighted that the European Central Bank (ECB) held its monetary policy unchanged. The Pandemic Emergency Purchase Programme (PEPP) will still continue with a total envelope of €1,850 billion until at least the end of March 2022 while the Asset Purchase Programme (APP) will continue at a monthly pace of €20 billion. The central bank also highlighted that it is expecting purchases under the PEPP to increase higher in the upcoming months. The next meeting by the central bank will be held on 10 June, thus giving the eurozone economy time to recover.
Scott highlighted that if the U.S. dollar index moved higher like earlier in the week to 91.45, wait for a bearish candle in the one-hour timeframe to form before looking to sell. However, if we see more selling during the U.S. equity markets, look for a breakout buy trade through the resistance level of 91.50.
During the day, USD/CAD was moving indecisively.
Jin highlighted that the main focus for next week is the Federal Reserve monetary policy decision on Thursday at 0200 (SGT). No change in the interest rate is expected. Pay attention to whether the central bank is planning to cut back on quantitative easing.
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