Thursday 16th May: Weak US retail sales spells trouble for greenback; seen languishing beneath dollar index resistance
The US dollar, according to the US dollar index, largely disregarded the weaker-than-expected April retail sales report Wednesday, though eventually yielded to selling pressure on news US President Trump would delay tariffs on EU automobiles.
Wednesday 15th May: Busy economic calendar ahead – remain vigilant and expect volatility.
With Brexit talks between the Conservatives and Labour gridlocked, as well as easing concerns over US/China trade dispute and a mixed employment report out of the UK, the British pound remained on the defensive.
Tuesday 14th May: Trade tensions rattle markets and propel safe-haven markets into the spotlight.
China broadcasted its decision to hike tariffs on $60 billion worth of American imports despite US President Trump's warnings, consequently escalating trade tension and weighing on the market sentiment.
Monday 13th May: Weekly technical outlook and review
The Australian dollar weakened further against the US dollar over the course of last week, extending losses beneath the 2019 yearly opening level at 0.7042.
Friday 10th May: Trade and geopolitics continues to dictate currencies.
Heading into the later phase of Thursday’s segment the market observed a modest recovery take shape, bolstered on the back of commentary from US President Trump stating it was still possible for the US and China to reach a deal this week.
Thursday 9th May: Dollar steady ahead of Fed Chair Powell speech and PPI figures.
The DXY, or US dollar index, retained its bid tone yesterday, though remains struggling to overthrow a weekly resistance positioned at 97.72.
Wednesday 8th May: Greenback grinds north, though has gains capped on trade concerns.
US equities declined sharply Tuesday, as financial markets contended with the risk of an all-out trade war between China and the United States. The S&P 500 ended the session down 1.65%.
Tuesday 7th May: Dollar remains languishing beneath weekly resistance; further downside possible.
Sterling reclaimed a large portion of Friday’s NFP-induced gains Monday, weakened on the back of comments from senior Labour figures, who chucked cold water over the prospect of an imminent cross-party development.
Monday 6th May: Weekly technical outlook and review.
Violating a two-week bearish phase within the parapets of a long-standing demand zone at 1.1119-1.1295, the EUR/USD recovered in reasonably strong fashion last week.
