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Today the US dollar steadied next to intraday lows. It is on the defensive in light of dovish remarks from New York Fed President John Williams that bolstered expectations of a deep rate cut at the nearest policy meeting.
“It's better to take preventative measures than to wait for disaster to unfold,” the policymaker said. Bearing in mind this statement, the market raised expectations that the US central bank would slash the official funds rate by 50 basis points at the policy meeting on July 30-31. Later, St. Louis Fed leader James Bullard shared his viewpoint. He finds a 25-basis point rate cut appropriate to the situation. At the same time, he noted that he did not see the need to continue monetary easing.
Remarks by John Williams pushed the US dollar index down to 96.70. However, later the chart rebounded to the level above 97.00.
After an earlier advance, the euro/dollar pair again came under pressure. It is now testing intraday lows at near 1.1200. Comments by John Williams increased pressure on the pair.
Today the euro/dollar pair lacks strength to break important resistance at 1.1280-1.1290, thus inviting sellers back to the market. As a result, the pair tested the support level of 1.1200. Attempts to grow are likely to be short-lived amid speculations on new stimulus measures by the ECB.
Matteo Salvini, the leader of the Northern League, unveiled his plans to meet with Luigi Di Maio, the leader of the Five Stars Movement. This fueled rumors about a crisis in Italy’s government and a snap election.
As for the economic calendar, the focal point today is a consumer sentiment index from the University of Michigan. A flash estimate rose to 98.4 that is slightly worse than the forecast. So, the news hardly changed market sentiment.
Investors are disappointed about retail sales in Canada which fell 0.1% in May, contrary to the forecast for an increase of 0.3%.
Following the downbeat data, the Canadian dollar sank sharply versus its American rival. The USD/CAD pair spiked from 1.3030 to 1.3090, having regained all earlier losses.
That’s all for today. We wish you profitable deals. See you back on InstaForex TV channel next week. Have a nice weekend!

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