Dollar Down Ahead of the ECB Meeting and U.S. Inflation Data

U.S. Dollar Index

AUD/USD is trading up 0.02% at 0.7189

The dollar was down on Thursday morning in Asia. The European Central Bank meeting and its policy decisions later in the day remained the biggest focus of the market.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.09% to 102.45 by 12:29 PM ET (4:29 AM GMT).

The USD/JPY pair edged down 0.12% to 134.09. The yen clawed back from a 20-year low during the earlier session on Thursday, although the Bank of Japan kept policies stimulatory.

The AUD/USD pair edged down 0.13% to 0.7183 and the NZD/USD pair inched up 0.08% to 0.6452.

The USD/CNY pair edged down 0.10% to 6.6768, while the GBP/USD pair inched down 0.04% to 1.2535.

Government data released earlier in the day showed that China’s exports grew 16.9% year-on-year in May as COVID-19 curbs and disruptions to production and logistics eased, beating market expectations. Forecasts prepared by predicted a growth of 8.0% while growth of 3.9% was recorded in April.

The ECB will hand down its policy decision later in the day and is expected to end its long-running asset purchase program.

On technical fronts AUD/USD RSI stood at 64.10 and currently it is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : AUD/USD – BUY: 0.7188, TARGET: 0.7226, STOP LOSS : 0.7159

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