President Trump and Putin will meet later in Alaska. Pair was final at 1.1686 ranges, OCBC’s FX analysts Frances Cheung and Christopher Wong word.
Every day momentum is gentle bullish
“Trump believes there’s a 75% probability of the Alaska assembly succeeding. He additionally mentioned a second assembly between Putin, Zelensky and himself could be extra decisive – however this isn’t but confirmed. Whereas negotiations is probably not easy and takes time, Europe doubtlessly collaborating in Ukraine’s reconstruction plans sooner or later, might marginally lend a lift to EUR, over the medium time period.”
“We had beforehand mentioned {that a} Ukraine peace deal sooner or later can result in provide chain normalisation, decrease power prices, in flip decreasing present burden on corporates and households, enhancing sentiments and progress outlook. EUR fell in a single day, as USD noticed a broad rebound wing to hotter-than-expected US PPI.”
“Every day momentum is gentle bullish whereas RSI is flat. 2-way trades possible. Assist at 1.1630 ranges (21, 50 DMAs), 1.1570 (23.6% fibo retracement of Mar low to Jul excessive) and 1.1450 (100 DMA). Resistance at 1.1730, 1.1780 ranges.”
