Forex Analysis for Friday 19th May 2017
Thursday: Prelim GDP in Japan beat expectation (0.5% vs 0.4%). In Australia, both Employment Change and Unemployment Rate exceeded expectations. UK Retail Sales came in at 2.3% vs 1.2% expectation and the prior number was revised up to -1.4% from -1.8%.
The USD index picked itself up off the floor and although the S&P500 gapped up and was volatile during the day, it closed at the open, unchanged. This broad behaviour was repeated across the globe. Oil moves to resistance (and through it this morning). The US 10 Year was unmoved. So I’d say the risk sentiment is slightly more positive than on Wednesday. The JPY weakened and the GBP was flat, despite the good Retail Sales number. The EUR came down and touched the resistance zone before closing just above it. Commodity currencies stayed near their respective support areas.
CAD CPI and Core Retail Sales.
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