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.
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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.
