BER Currency News

BER Home/s

  1. Home
  2. Currency News
  3. Greenback Finds Some Support

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

usdcad-1-hour-chart

 

Agility Forex Author: Agility Forex

Agility Forex is a Canadian cross-border payment specialist. They are Canadian owned, operated out of Vancouver and are registered with Fintrac, the Canadian government agency that oversees the money transfer industry. They specialize in all things Canadian Dollar and aim to provide the best service and best pricing on all Loonie cross rates. Visit Agility Forex.

You can get in touch with AgilityForex via email here or via the contact page.

Please note that the opinions of our authors are their own and do not reflect the opinion of BestExchangeRates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

BER logo BestExchangeRates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, 50 Bridge St, Sydney NSW 2000.

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

BestExchangeRates.com is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking BestExchangeRates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with BestExchangeRates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

BestExchangeRates may receive fees or other benefits in relation to activity on the BestExchangeRates website. BestExchangeRates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of BestExchangeRates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.