Forex news for NY trading on May 22, 2019.

In other markets:

  • Bitcoin on Coinbase is trading down -$250 at $7842
  • Spot gold is trading down $-1 or -0.09% at $1273.56
  • WTI crude oil futures trading at $61.31 down $-1.82 or -2.88%. A much higher build and inventories sent crude tumbling lower. Keys support is at the 200 day MA at $60.50. The low today reach $61.03.

US stocks opened lower as on again/off again trade fears gripped the market. In what has been a pattern, the price rallied back higher and moved briefly into positive territory for the day. However, that was short lived and the price traded back down. The major indices are closing near the lows for the day. PS European shares were mostly unchanged to lower for most of the major pairs witth the exception of the German Dax which rose 0.21%.

Forex news for NY trading on May 22, 2019.

In the US debt market, yields fell as Pres. Trump and the congressional Democrats amped up the antagonism towards each other.

US yields fell

Nancy Pelosi, accused the Pres. of a cover-up and being above the law.

Pres. Trump countered by saying, "If you are going to act that way, the infrastructure idea if off".

Pelosi said "She would pray" for the President. Schumer accused the President of having a tantrum.

The President tweeted back his "thanks" for the prayers (sarcastically).

Donald Trump tweet.

Anyway, yields moved lower as there are trade wars with China, potential real war with Iran, and now political wars with the Dems and GOP. Oh and then there is the drama of UK PM May and what seems like every other politician.

Her new plan for Brexit went over like a lead balloon yesterday and today was about when will she resign. Her cabinet was furious with her, Labour is just sitting back and watching. But if we know anything about PM May, is she is not a quitter. I even had a post all ready to be published saying "UK Prime Minister Theresa May resigns. Brexit grind on PM comes to an end." - kinda like a "canned" obituary for an aged actor, actress, singer, athlete, person of some fame, who's health is not well, or who is just old (we all die sometime). However, she once again lived for another day, and the headline remains "in the can".

So what was the impact in the forex market today?

Well, the CHF benefitted but it was higher early in the session. Nevertheless it was the strongest of the major currencies (see ranking below)

The CHF is the strongest. The GBP is the weakest.

The GBP was the weakest, but it too was weaker. It seemed the market was getting a little ahead of the "sell the rumour, buy the fact" trade and bottomed in the session.

As for the USD it rose a little (along with the JPY) on safety flows.

After alll, it sure is a crazy world out there.