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Greenback Finds Some Support

Categories: AUD, CAD, EUR, GBP, Markets, News, USD

The free-falling US dollar took a breather overnight and managed to eke out some gains against the G10 currencies except for yen and sterling.

President Trump’s woes increased yesterday when the Justice Department appointed former FBI Director, Robert S. Mueller as special counsel to oversee the investigation into Trump’s campaign and Russia.

It is not quite Monica and Bill, and Trump doesn’t have to worry about a dress but the distraction of the inquiry could hamper White House iniatives from tax cuts to trade.

USDJPY attempted a rebound in Asia and managed to climb from 110.53 to 111.40 in early European trading. That was it.  Yen demand on risk aversion drove USDJPY to 110.28 as New York opened.

AUDUSD rallied on the back of a better than expected employment report but the gains were not sustained. AUDUSD touched 0.7465 before sinking in Europe and opening in New York at 0.7420.

Kiwi traded sideways a 0.6925-0.6948 range with a modest bearish bias.

The EURUSD rally stalled but the downside move was feeble. Comments from ECB officials and the Bundesbank President reminded traders that sooner or later, ECB tapering would be a reality, which helped to temper selling enthusiasm.

Sterling powered through the 1.3000 level and it hasn’t looked back. UK Retail Sales in April were a healthy 4.0% (forecast 2.0%) GBPUSD soared from 1.2938 to 1.3045 on the news.

Oil prices drifted inside a narrow $48.77-$49.12/b range in Asia and until mid-morning in Europe. Sellers emerged on concerns that US crude inventories and production will more than offset Opec production cuts. A Reuters story that 10 million barrels of US crude are on oil tankers heading to Asia may have added to the selling pressure.

USDCAD dropped to its overnight low very early in Asia.  The modest dollar recovery and the decline in oil prices led to USDCAD gains until New York opened.

Global equity indices are awash in red ink and New York equity futures are looking like they will keep the trend intact.  However, despite the losses in the past day or so, the global indices are still higher than they were a month ago. The Initial Jobless Claims report and the Philly Fed Manufacturing Survey is all the US data on tap today

FX markets will remain fixated on Washington while USDCAD direction will be determined by broad US dollar sentiment and oil prices.


Overnight Ranges

18-May-17 Open-6 am EDT High Low
USDCAD 1.3663 1.3667 1.3584
EURUSD 1.1119 1.1171 1.1108
USDJPY 110.34 111.41 110.24
GBPUSD 1.3037 1.3043 1.2938
USDCHF 0.9798 0.9821 0.9779
AUDUSD 0.7422 0.7465 0.7410
NZDUSD 0.6920 0.6948 0.6917
USDMXN 19.1775 19.2067 18.7796
WTI   48.23 49.11 48.18


USDCAD Technical outlook:

The intraday USDCAD technicals are bullish following the break above 1.3640 after touching the base of the uptrend line at 1.3570.  A break above 1.3700 sets the stage for additional gains to 1.3850. A move below 1.3570 would extend losses to 1.3510.

Today’s Range 1.3570-1.3660

Chart: USDCAD 1 hour



Agility Forex Author: Agility Forex

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