US dollar index picked up steam, this sent the EUR/USD to a session low of 1.1155 into the week’s close. With limited support/demand visible to the left of current price until reaching Quasimodo support at 1.1130
Category: Featured
Friday 17th May : Beijing’s hard talk pulls down Chinese markets.
Asia ex China gained, while China dropped, with investor sentiment bolstered by the positive cues overnight from Wall Street for a third straight session as upbeat corporate earnings results and U.S. economic data helped offset worries about U.S.-China trade tensions.
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.