Global macro overview for 22/06/2016:
In her yesterday's speech, the Fed Chairperson Janet Yellen said that there is 'considerable uncertainty' in the US growth outlook. The overall outlook is still positive for the US economy, but there are certain factors that might seriously influence this view. One of these factors is a possible Brexit. Moreover, according to Yellen, the US economy is expected to reach full employment and its 2% inflation target within the next few years. She also said that the interest rates has not been raised yet mostly due to temporary disappointing readings from the US job market, but the Fed is closely monitoring the data and is ready to act if necessary. In conclusion, good old "wait and see" approach seems to continue for some time now.
Let us now take a look at the US Dollar Index technical picture on the daily time frame. Despite the higher high in place, the bull camp has not managed to make another higher high yet in order to change to trend direction. The market is still trading below the 55, 100, and 200 DMAs, but just above the important technical support at the level of 93.42. The next resistance is seen at the level of 95.34.
