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  • The Dow Jones, Nasdaq 100 and S&P 500 await much needed insight from the Federal Reserve on the central bank’s planned policy path given recent economic data releases. Get your market update from @PeterHanksFX here:https://t.co/bZso3WxyC6 https://t.co/d4YJ8jbGok
  • GBP/USD Eyes Trend Support as US Dollar Awaits Fed Dot Plot -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/06/14/gbp-usd-eyes-trend-support-as-us-dollar-awaits-fed-dot-plot.html $GBPUSD #Forex #Trading https://t.co/1BkZ4x0uCG
  • Are gold prices the ‘canary in the coal mine’ for the Federal Reserve meeting? Taper talk may indeed be on the menu (even if it won’t formally arrive until later this year). Get your $XAUUSD market update from @CVecchioFX here:https://t.co/gsoRisZzV6 https://t.co/cjqt0SvWIx
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.17% 🇦🇺AUD: 0.10% 🇪🇺EUR: 0.09% 🇬🇧GBP: -0.05% 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Yx2O1n8Yxc
  • The 35-day historical range on $AUDJPY matches the smallest range (as a percentage of spot) on record for the pair with the extreme summer lull back in July 2014. Will it end with a bang or whimper? https://t.co/StryktBbrr
  • ECB monthly purchases under PEPP appear to be slowing. PEPP purchases for the first two weeks of June only totaled about 31 bln euros $EUR https://t.co/RUAi61HTQJ
  • The EUR/USD rally has stalled at a key resistance confluence around the objective yearly open. Get your $EURUSD market update from @MBForex here:https://t.co/YdjKTU4gtW https://t.co/HmOJxy2F29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Silver: -0.24% Gold: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kRDUQxM66L
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 74.60%, while traders in France 40 are at opposite extremes with 78.10%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gwcS9vcLhL
  • S&P 500, Nasdaq 100 close at fresh record highs $NDX $SPX $ES_F
Christopher Vecchio's Analyst Pick

Christopher Vecchio's Analyst Pick

Christopher Vecchio, CFA, Senior Strategist

If you've been following me on the Realtime News Feed, you're likely to have noticed a discernable shift in my bias: I'm buying higher yielding currencies and risk-correlated assets. There are two reasons, but they are essentially one in the same: both the European Central Bank and the Federal Reserve are in the midst of massive easing cycles (so are other major central banks, but that can be disregarded as per my picks).

Even though Chairman Bernanke has backed away from his ultra-dovish rhetoric in recent weeks (beginning on February 29 at his testimony on Capitol Hill), the fact remains that the Fed is still a very dovish institution at present time. I firmly believe that, while there isn't a legitimate economic reason to do so, the Fed will choose to unveil another round of easing in the coming months, most likely in the form of a sterilized bond purchase program.

While my original AUDJPY and AUDUSD longs hit their initial targets before being stopped out, I reentered a long AUDJPY position from 84.88 earlier this morning after the 15:00 GMT candle started to form as a Hammer. This, coupled with the pair sitting at support of a possible Head and Shoulders topping pattern on the daily chart, led me to enter my trade. My Stop is at entry for now.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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