BER Currency News

BER Home/s

  1. Home
  2. Currency News
  3. Loose Lips Sink Ships and Boost EURUSD

Loose Lips Sink Ships and Boost EURUSD

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

It is a bit of a headscratcher move. Yet, traders used the excuse that President Trump may have leaked classified information to Russia, to buy EURUSD.  The single currency climbed from 1.0975 to 1.1053 at the New York open.

It should be noted, as the New York Times reported, in an uncharacteristically balanced article on Trump, the President has the authority to declassify any information. Ergo, he didn’t leak classified information, therefor no problem.

EURUSD also received support from a solid German ZEW report and Q1 GDP data that confirmed 0.5% growth, q/q.

It was a big trading day for Sterling, thanks to a slew of economic reports. Traders drove GBPUSD higher in anticipation of a strong inflation report. They got it. April CPI rose 2.7% q/q. (forecast 2.6%)

Sterling spiked on the news and touched 1.2956 and then quickly dropped to 1.2870, erasing all the overnight gains.

USDJPY was very choppy, bouncing erratically inside a 113.26-113.78 range. It opened in New York at 113.56.  Traders were torn between US rate hike expectations and concerns about Trump’s leaking of classified data.

In Australia, AUDUSD bounced within a 0.7400-34 range.  Traders were focused on the release of the Reserve Bank of Australia policy meeting minutes which, not surprisingly, did not offer anything new.

NZDUSD trading tracked that of AUDUSD

Oil prices failed to extend yesterday’s gains and traded inside a tight $48.81-$49.31 range. Asia and European traders chose to ignore yesterday’s US Department of Energy forecast predicting a shale production increase of 122,00 barrel/day next month.

USDCAD consolidated yesterday’s losses inside a 1.3608-56 range, after breaking below key support at 1.3660. The combination of record, short CAD dollar speculative positions on the IMM and rising oil prices will keep USDCAD on the defensive.

Today’s US data includes; US Industrial Production data for April (forecast 0.3%), Building permits (forecast 1.27 million) and Housing Starts (forecast 1.26 million) Better than expected data should support the greenback.

Overnight Ranges

16-May-17 High Low
USDCAD 1.3646 1.3656 1.3608
EURUSD 1.1043 1.1049 1.0975
USDJPY 113.55 113.78 113.26
GBPUSD 1.2884 1.2956 1.2868
USDCHF 0.9915 0.9965 0.9906
AUDUSD 0.7408 0.7434 0.7400
NZDUSD 0.6874 0.6905 0.6866
USDMXN 18.7115 18.7152 18.6316
WTI   49.03 49.31 48.81
Close 4:00 pm EDT-Open 6:00 am EDT

USDCAD Technical outlook:

The intraday USDCAD technicals are bearish inside a descending channel bound by 1.3560 on the bottom and 1.3720 on the top. A break above 1.3720 will lead to 1.3850, while a move below 1.3560 will target 1.3530.  For today, USDCAD support is at 1.3600 and 1.3560.  Resistance is at 1.3660, 1.3690 and 1.3720

Today’s Range 1.3600-60

Chart: USDCAD 4 hour

usdcad-4-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.