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
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.
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.
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.
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.
