Dollar moves higher after June hike is likely (...caveat included)

Caveat...is a Q2 pickup...

The dollar is getting a boost on the likely Fed hike. It comes with the caveat but the hurdle is small. When you have 0.5% Q2, a growth pickup is not that big a hurdle. Remember 0.5% is annualized so that means the QoQ growth was 0.1% and a little. The Fed has made their bed...It is now time to sleep in it...

So the dollar goes higher (and stocks move to the negative).

EURUSD

The EURUSD is heading to the next target at the 50% and the lows from April at the 1.1214-18 area. The 100 day MA is at 1.11458 and is where the price will be targeting on a break.

USDJPY

The pair is moving above the topside trend line and breaking to new highs (trend line is now risk at 109.72.

The 110.20 (50% of the move down from the Feb high) is the next target, then topside trend line at 110.60

GBPUSD

The GBPUSD has been the star of the day so far. It has lost some of it's shine after the minutes. Keep an eye on 1.4560-70. The 100 bar MA on the 5 minute is at 1.4568.