USD Trading Outlook
U.S. Dollar Trading (USD) another trading day in which a small stack rally was reversed and the USD ended strong as we prepare for NFP Friday. The market will be looking to see a bounce in the US jobs in May after two months of weaker than expected numbers. Good numbers today will spark a rally since stock markets have been under pressure for the past two weeks and would welcome positive news. Looking ahead, May NonFarm Payrolls forecast at 150k vs. 115k previously. May ISM Manufacturing is forecast at 53.9 vs. 54.8 previously.
U.S. Dollar Trading (USD) the USD broke key resistance against most pairs overnight as the Spanish banking crisis nears a tipping point that could see the whole Eurozone spiral into deep recession. The Spanish government is reluctant to accept an EU bailout with the oversight seen as threatening the sovereignty of the large European nation.Looking ahead, Weekly Jobless Claims forecast at 370k vs. 370k previously. Q1 GDP forecast at 1.9% vs. 2.2%.
U.S. Dollar Trading (USD) the dollar extended gains again overnight with strong safe haven demand as the uncertainty and bad news out of Europe continues to roll in. The slow speed at which EU officials are moving to sure up confidence in the market is creating fear amongst the longer term investors. US data is coming in mixed with slightly better housing price data being offset by the weakening CB Consumer sentiment at 64.9 vs. 69.8 previously. Looking ahead, April Pending home Sales forecast at 0.1% vs. 4.1% previously.
U.S. Dollar Trading (USD) a quiet start to the week overnight with most of Europe and America away on Bank Holidays. The positive Greece poll news allowed a risk on rally in Asia but this was quickly reversed as the European Debt crisis rolled on this time through Spain. Looking ahead, March House Prices forecast at 0.0% vs. -0.8% previously m/m. Also May Consumer Confidence forecast at 70 vs. 69.2 previously.
U.S. Dollar Trading (USD) the USD hit 4 year highs on Friday as the EUR/USD broke through 1.2500 on Spanish concerns and investors flooded into the safe haven. The USD gains heavily from negativity as the only reserve currency that investors can flee too currently. The mood in Asia on Monday morning has been better though as we are seeing USD selling across the board as the stocks move higher. Looking ahead, Bank Holidays in Europe and US today for Memorial Day.
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