Prices in the Euro (EUR), Australian Dollar (AUD) sit around the weekly open at 0.6620 (1.5100) areas into Tuesday after with risk currencies a little more supported in recent sessions. The Eurozone fallout from the energy shortage came back into focus meanwhile the CPI forecast was revised to 8.1% questioning ECB policy. Lagarde spoke overnight confirming her intentions to raise their benchmark rate 25 points in July and that they were still working on anti-fragmentation tool. This will enable them to raise rates and bring down decelerate inflation back to their 2.0% target. The RBA minutes release later today and should focus on rising inflation. We think the recent trend movement from the high of 0.6780 (1.4750) will continue this week towards 0.6530 (1.5320) support.
Current Level: 0.6616 (1.5114)
Resistance: 0.6775 (1.5320)
Support: 0.6530 (1.4760)
Last Weeks Range: 0.6584-0.6729 (1.4861-1.5188)