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.
Friday 3rd May: Greenback eyes 98.00 ahead of today’s NFP.
The US dollar index also regained weekly resistance at 97.72, potentially offering support going forward.
Thursday 2nd May: Pound eyes 1.30 ahead of ‘Super Thursday’
Sterling maintained recent momentum Wednesday, reinforced by better-than-expected Markit manufacturing PMI as well as upbeat rhetoric regarding the state of cross-party Brexit negotiations.
Early May Bank Holiday 2019
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Wednesday 1st May: Dollar trades on the back foot ahead of the highly-anticipated FOMC meeting.
A faster-than-anticipated pickup in the Eurozone economy during the first quarter, as well as a diminishing greenback, elevated the H4 candles beyond its 1.12 neighbourhood to a session high of 1.1229.
