|Day's Range||1.113 - 1.116|
|52 Week Range||1.1122 - 1.1842|
MPs might reject May’s new improvised deal for the fourth consecutive time. Oil prices dropped over huge crude stockpiles as per EIA report. Trump eye on more Chinese Survellience firms.
The Euro went back and forth yet again during the trading session on Wednesday, as we are hanging about the 1.1150 range. There is a larger consolidation area that we are involved in, so at this point we need to pay attention to a couple of levels.
President Donald Trump on Wednesday said he told House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer that he can't proceed with a discussion about infrastructure spending while under investigation. Trump and the Democratic leaders were scheduled to discuss building on a preliminary agreement for $2 trillion of infrastructure spending. At an unscheduled Rose Garden press conference, Trump decried the probe by Special Counsel Robert Mueller and said he had the most transparent administration in history. Earlier, Pelosi said Trump engaged in a cover up.
It’s been a long winter for European assets, but signs of a pickup in growth could make for good opportunities in “under-owned” European assets, says BlackRock’s Elga Bartsch.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1157.
Sterling slumped on Wednesday after reports that U.K. Prime Minister Theresa May could resign as soon as today amid Brexit chaos caused a sell-off of the pound. The U.S. is looking at similar restrictions on other companies, including Chinese video surveillance company Hikvision, according to Bloomberg and the New York Times.
The Euro pair bows down in the Asian trading session, lingering near 1.1153 low levels. Positivity developed around May’s “new improvised deal” was short-lived. Investors eye FOMC minutes.
UK Inflation and European politics to whipsaw the Pound ahead of the FED monetary policy meeting minutes later today.
Investing.com - The U.S. dollar was hovering near one-month highs against a currency basket on Wednesday, supported by higher U.S. Treasury yields after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei.
Crude Oil WTI Futures continued to climb the ladder amid OPEC-led supply cut fears. PM May stated that she will give MPs last chance to back her “new improvised deal”. EUR/USD pair uplifted on USD plunge.
The Euro fell slightly during the trading session on Tuesday, as we continue to simply meander around the 1.1150 level. This is essentially “fair value” in the consolidation area, so I’m not necessarily interested in trading quite yet but I do have levels that I am paying attention to.
(Reuters) - Euro zone consumer confidence rose by 0.8 point in May from the April number, figures released on Tuesday showed. The European Commission said a flash estimate showed euro zone consumer morale ...
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to an uptrending Gann angle at 1.1155.
Based on the early price action and the current price at 97.900, the direction of the June U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 97.950.
Economic Calendar stays lighter amid lack of EUR-specific events. Meanwhile, Greenback traders staying bullish over the upcoming US Housing Data.
May is definitely an interesting month on the market. It is hard to generally say if this is a month of a USD, or safe heavens or for example Bitcoin.
The RBA talks of rate cuts to pin back the Aussie Dollar as trade war jitters linger. Another quiet day on the stats leaves geopolitical risk in focus.
The Australian dollar rallied as much as 1% on Monday after the incumbent Liberal-National government retained power in a surprise election result defeating the favored Labor party.
The Safe-haven pair dropped from last week’s high amid positive Japanese data and plunging USD Index. Iran Foreign Minister commented on Trump’s tweets against Iran as “genocidal taunts”.
The Euro went back and forth during trading on Monday, as we continue to question global growth and the entire US/China trade situation. Overall though, I think that this sets up some choppy trading in the short term.
Atlanta Fed President Raphael Bostic on Monday said he wasn't sure what direction the next interest-rate move would be, because there are risks that go in both directions. Speaking to CNBC, Bostic said trade policy uncertainty is keeping businesses on the sidelines with investment. He expects "solid growth" of 2.25%-2.5% this year but less than the 3% recorded last year. "In general, my view is as long as we don't see inflation running away, that would be the sign that our policy is basically at a neutral level. We can sustain that for a long period of time, and we don't have to move." Bostic won't have a vote on the Federal Open Market Committee until 2021.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 1.1164 and the uptrending Gann angle at 1.1152.