1pm update - USD continues to cool

Whilst equities are battling hard to stay a touch positive, there is notable weakness in the USD, -0.1% in the DXY 95.20s (intra low 94.84). Broader downside to the 92/90 zone looks probable by early July.. and that will certainly help the metals and Oil.


UUP, daily2

GLD, daily

Summary

USD lower for the second day.. with last Friday having likely marked a short term top. Given another few weeks, 92 looks a pretty easy target... the only issue is whether 90.. or even 89/88.. before the hyper ramp begins.. as a GREXIT looks probable.

*Oil is making a play for a daily close above the key $60 threshold.... next target is the 62 high.... after that... 65/67.. where there are multiple aspects of resistance. Sustained price action in the $70s looks extremely unlikely for the rest of this year.

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As for equities, it remains a case of weak minor chop... with an inclination to increasing downside into the close.

notable weakness: TWTR, -1.4% in the $35s....  if Q2 earnings disappoint next month... the loss of $30 will occur.