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  • Heads Up:🇷🇺 GDP Growth Rate YoY Final (Q1) due at 16:00 GMT (15min) Expected: -1% Previous: -1.8% https://www.dailyfx.com/economic-calendar#2021-06-15
  • USD/JPY trades to a fresh weekly high (110.17) as longer-dated US Treasury yields recover ahead of the Federal Reserve interest rate decision. Get your $USDJPY market update from @DavidJSong here:https://t.co/9iWCr5sxZS https://t.co/RDUNS9V0Vn
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.10% 🇪🇺EUR: 0.03% 🇯🇵JPY: -0.02% 🇨🇦CAD: -0.29% 🇦🇺AUD: -0.40% 🇳🇿NZD: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1QhBhWISuN
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  • We are a day away from the FOMC decision and the anxiety is palpable in the markets. DailyFX Chief Strategist @JohnKicklighter looks at the markets ahead of the key event. https://t.co/G8pmyUKsUv
  • $GBPUSD: Range is breaking to downside, watch trend-line support. A break out of the range may not be clean, need to be nimble. Get your market update from @PaulRobinsonFX here:https://t.co/RB7i1fbzvv https://t.co/pwJPnLhw6t
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  • 🇺🇸 NAHB Housing Market Index (JUN) Actual: 81 Expected: 83 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-06-15
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 74.02%, while traders in France 40 are at opposite extremes with 80.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sFrrynaDw7
Trade Setups and Preview for US GDP, FOMC Meeting

Trade Setups and Preview for US GDP, FOMC Meeting

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDOLLAR Index selloff reaches 100% extension - more due?

- EURUSD triangle breakout valid above 1.1050.

- See the April forex seasonality report.

Here's where the US Dollar stands after several days of selling, ahead of two big data and events today: its erased all of its gains against the Euro since the FOMC meeting implosion; it's erased all of its gains versus the British Pound since early-March; and AUDUSD reached its highest level since the end of January. All of this USD-negativity is centered around one major theme: that market expectations about the timing of the Fed's rate hike got ahead of themselves due to the disappointing nature of the US economy; this is simply that trade unwinding.

Today could then be a one-two punch in the gut for the US Dollar before it stabilizes, especially if the FOMC meeting later in the day voices concern over the slowed rate of growth seen in the Q1'15 GDP figure. Curiously, USDJPY hasn't made a move lower throughout the recent US Dollar selloff, which offers a counterpoint: if the US Dollar is to rally, it's best suited to occur there. Japanese Yen short positions in the futures market have declined to their lowest level since the end of 2012, meaning any whiff of widening interest rate differentials could serve as a major tailwind for USDJPY.

See the above video for technical considerations in EURUSD, GBPUSD, AUDUSD, and USDJPY.

Read more: USD Weakness Sets in as GBP Extends, Readies for Gains

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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