Forex news for trader on May 22, 2017
- US crude oil settles at $50.73, up $0.40 or 0.79%
- Gold up modestly but trades near high levels
- Forex technical analysis. GBPNZD is the biggest mover today
- Here is the full list of currently-scheduled Fed speakers before the blackout period
- NZD/USD nears 0.7000 in technical break
- Consensus closer: Iraq on board for 9-month cut extension
- Fed's Kaplan more cautious than portrayed; oil comments also telling
- Most European stocks take a breather; Italy falls
- JPMorgan says US inflation outlook has "changed markedly" over past month
- Don't buy CHF here - Credit Agricole
- Euro trips stops in rise above 1.1250; nears election-night high
- Michael Flynn will plead the 5th - report
- May still has a huge election lead but she's lost her infallible touch
- Iraq only wants 6-month OPEC deal extension - report
- Soon hedge fund investors won't bet on a man, they will bet on a machine
- OPEC monitoring committee to recommend a 9-month extension - report
- April Chicago Fed national activity index +0.49 vs +0.10 expected
- The strongest and weakest currencies as NA traders enter for the day
In other markets:
- Spot gold is hired by five dollars or 0.41% to $1261.01.
- WTI crude oil futures settle the June contract at $50.73, up $.40 or 0.79%
- US stocks are ending the session higher. S&P index +0.54%. NASDAQ +0.84%. Dow industrial average +0.48%
- US yields are slightly higher: 2-year note 1.274%, +0.4 basis points. 5-year note 1.790%, plus 1.0 basis point. 10 year note 2.248%, +1.4 basis points. Thirty-year bond 2.910%, +1.4 basis points.
It was a quiet North American session today. Was it the Canada holiday, little in the way of economic data, Trump out of the country, or just a Monday? Probably a combination of all.
The dollar is lower vs the major currencies today but if you take out the move against the NZD, the changes were modest. The NZDUSD started to take out swing highs going back to the start of the month and on each break, the price squeezed higher and higher. The move did not stop until the price got within 3 pips of the 0.7000 level (natural resistance level). That took the price to the highest level since April 24th. Overall, the NZDUSD rose by 0.94% (dollar lower by that amount).
The 0.94% change in the NZDUSD was no where close to the changes from the other currency pairs.
The dollar fell against the following:
- EUR -0.26%
- AUD -0.20%
But gained against the following:
- GBP +0.29%
The other pairs against the USD were little changed:
- JPY -0.04%
- CHF +0.04%
- CAD -0.02%
Economically, the US calendar was light with the Chicago Fed National activity index, the lone release. It was better than expected but did not have much of an impact.
Fed's Kaplan spoke cautiously about the economy.
OPEC talked about 9 month extension of production but Iraq only wants 6 months. They meet on Thursday. Oil was higher but was not running away.
EURUSD is getting closer to the November election high of 1.1300. The high reached 1.1263 today. There should be some hesitation on an approach (despite bulls in control.
USDJPY has the 100 hour MA getting closer at 111.50 (and moving lower). A move above would be more bullish (or at least point to more corrective gains in the short term).
GBPUSD is trying to stay above the 1.2888-90 support level. The NY session low reached 1.2991. Stay above more bullish/move below and the 100 hour MA comes into play at 1.2975 (and moving higher). The low today stalled ahead of that MA.
The USDCAD is trying to build value below the 1.3500 level but could only get to 1.3484 today. The BOC meets on Wednesday AND OPEC on Thursday are two events that may keep trading subdued.
Below is the % changes of all the major currency pairs vs each other.