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Monday, May 18th

Japan published a report on core machinery orders.
Despite better than expected readings, The Japanese Yen was holding lower during the Asian session today. Traded at 119.34, USD/JPY was up 0.09%. Japan said core machinery orders gained 2.6% in March, as opposed to the expected rise of 1.8% MoM and a 0.4% drop in February.

Switzerland released a report on retail sales.
Worse than expected data showed a drop of -2,8%, beating the -2,0% predictions of economists. The previous release was at -3,1%.

With EUR/USD standing at 1.1446 before the Friday’s close, the pair seems to be continuing its rise to the 1.15 reading.

NZD/USD plunged on Monday, but last week’s soft data from US keeps the demand for dollar under pressure.
There was a decline in AUD/USD on Monday after grim Australian vehicle data. The price of AUD dropped to 0.8004 subsequently reaching the level of 0.8011.

Markets in Canada are closed for the Victoria day holiday.

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Tuesday, May 19th

The Australian dollar rebounds after today’s RBA Monetary Policy Meeting Minutes. Traded at 0.7993, Aussie is up 0.03%.

Gold was weaker during the Asian session but there is a possibility of turnaround with propensity towards conflict in the Middle East and a growing possibility of a delay with interest rate hike by the Fed.

Yesterday, the euro showed a sharp decline against the US dollar over continued talks of Greece departure from EU with the prices of Greek bonds plunging. EUR/USD fell 1.18% and continues its downfall. The pair is expected to find support at 1.1065. Today, the market is closely watching the Eurozone CPI data and the German ZEW Index report.

The dollar was pushing higher against the basket of other major currencies on Monday with the U.S. dollar index 0.75% rise to 94.00. U.S. Building Permits data is due later today.

Bank of Canada Governor, Stephen Poloz is to speak today. His speech may affect positive or negative short-term moves of USD/CAD.

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Wednesday, May 20th

USD/JPY is traded at 120.93 up 0.02% after today’s report of 0.6% GDP growth in Japan in the first quarter this year. The annual GDP growth pace in Japan was reported to be 2.4%, so the yen is withstanding the recent rise of the dollar price against the basket of major currencies.

The U.S. dollar index was up 0.51%, quoted at 95.85. The bullish move of the dollar continues after yesterday’s U.S. building permits robust data showing the 10.1% increase during the last month.

The euro continued falling against the dollar, reaching the two-week lows, after Benoit Coeure, a senior European Central Bank policymaker, mentioned the ECB’s intention of pushing on its stimulus program before the summer in order to guard against “notably lower market liquidity” in late summer. The concerns over Greek default are still sizable.

The Australian dollar hit its lowest since May 12 during the Asian session, consolidating at 0.7893 despite yesterday’s report of 6.4% consumer sentiment increase this month in Australia.

Investors will be watching the April’s FOMC minutes, due later today, for clues on the timing of the interest rate hike in the United States.

The Bank of England Monetary Policy Committee minutes are coming. The BoE Governor M. Carney mentioned last week the possibility of interest rate being higher in a year’s time. It was also said that the British interest rates would not be raised too soon to avoid slowing down the economy. GBP/USD is traded at 1.5490.



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Thursday, May 21st

The Australian dollar was higher against the U.S. dollar during the Asian session earlier today hitting the level of 0.7911 with further correction to 0.7887. The MI Inflation Expectations in Australia were 0.02% higher compared to the reading of the previous month. Yesterday’s Federal Reserve minutes showed that interest rate hike is unlikely in June, which contributed to a slight weakening of the greenback. Currently, the aussie is up 0.09%.

On Wednesday, the U.S. dollar index fell 0.1% against the basket of major currencies. Currently, the index is at 95.69. Retail traders will be watching The Philadelphia Federal Reserve Manufacturing Index report, as it might contribute to a short-term price fluctuation of the dollar.

The single currency was up earlier today reaching the 1.11295 level, but the euro continued its recent fall currently traded at 1.1100. The markets are viewing the German Manufacturing PMI and Mario Draghi’s speech due later in the day. The EUR/USD pair might retest 1.1047 whilst below 1.1138.

GBP/USD was declining earlier this week, so the market is paying attention to the U.K. Retail Sales MoM, which is likely to affect the pair’s intraday movement. GBP/JPY declined ahead of today’s news from the UK.

China’s HSBC Manufacturing PMI was out in the morning with worse than expected reading of 49.1 indicating the continuing deterioration of the business conditions in China.


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Friday, May 22nd

Yesterday, the European leaders, including Greece Prime Minister Alexis Tsipras, France president Francois Hollande and Germany chancellor Angela Merkel arrived to Riga, Latvia for a two-day summit in order to discuss extension of the euro zone’s bailout to Greece. EUR/USD moved up 0.15% on Thursday reaching the level of 1.1154. One session earlier, the euro was below 1.11 against the U.S. dollar for the first time in May. Currently, the single currency is traded at 1.1156 and continues its upward move after the positive data on Germany’s GDP (YoY).

The U.S. dollar index was down 0.01% to 95.46 against the basket of six major currencies. The more dovish data from FOMC meeting on Wednesday still influenced the strength of the greenback. Moreover, the U.S. Department of Labor reported last week’s rise of new jobless claims by 10,000 to 274,000, which was worse than expected.

USD/JPY was down during the Asian session traded at 121.03. The BoJ board voted to keep the monetary policy unchanged earlier today.

Later in the day, the market will be paying attention to speeches of ECB President Draghi, Bank of England Governor Carney and Fed Chair Yellen.

Higher volatility is also expected for the USD/CAD today along with the release of data for Core Retail Sales (MoM) and the Core CPI (MoM) in Canada.



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Monday, May 25th

The USD/JPY is trading at 121.56 down 0.02% after the release of Japanese Trade Balance data for April, which was better than expected.

On Friday, the Fed Chair Janet Yellen said that “it will be appropriate” to start raising the interest rate at some stage this year.

Today, markets are closed in the United States, Switzerland and the United Kingdom due to Bank Holiday and Memorial Day.

Euro remains under pressure over talks of a possible Greek default. Greece is due to make a 1.6 billion euros debt repayment to IMF next month and it was said that the money is not there to be given unless an agreement with creditors is reached. EUR/USD is traded at 1.0965.

EUR/GBP continues its decline as the demand for Euro is hurt by the bullish trend in the U.S. dollar. Higher volatility is expected on Thursday after the release of UK GDP report.



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Tuesday, May 26th

Yesterday, the Australian dollar held steadily against the U.S. dollar after reaching the three-weeks lows over the growing demand for the greenback. However, there was a decline of the aussie during today’s Asian session in anticipation of the data from U.S. due later in the day. The pair is currently traded at 0.7810.

NZD/USD is still going down after last week’s positive news from Fed on raising interest rates later this year. The pair is likely to find support at 0.7275, the low of March 18.

The dollar was higher against the basket of major currencies on Monday with the U.S. dollar index reading currently at 97.05.

After a brief rise of EUR/USD last Thursday caused by Mario Draghi’s announcement that ECB’s policies have proved to be effective for the euro zone’s recovery, the single currency is still going down with concerns over Greek situation still at play. EUR/USD is traded at 1.0915 passing the one-month lows. The U.S. consumer price rise for the third month in row contributed to the strengthening of the dollar.

The markets are in anticipation of the data from U.S. on CB Consumer Confidence (May), New Home Sales in April and the Durable Goods Orders (MoM).


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Wednesday, May 27th

The U.S. dollar was broadly higher against the basket of major currencies on Tuesday after the release of data on U.S. total durable goods orders, which fell more than expected in April, while core durable goods orders rose 0.5% the same month. Remaining broadly supported after Fed Chair Janet Yellen’s speech on Friday, the greenback continues its rise. The U.S. dollar index was at five-week highs of 97.12 during the Asian session with the current reading of 97.09.

EUR/USD hit its one-month lows on Tuesday reaching the level of 1,0862 after the positive data from U.S. and progressive concerns over Greek default.

The Japanese yen held slightly stronger today after the USD/JPY rise to eight-year highs on Tuesday. Traded at 122.93, the yen rate was stimulated by BoJ Monetary Policy Meeting Minutes indicating there are no intentions of further easing now.

The markets are watching the Interest Rate Decision in Canada due later in the day. Yesterday, USD/CAD was up to 1.2428 reaching its highest this month. The pair is currently trading at 1,2447.


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Thursday, May 28th

EUR/USD was down on Wednesday touching the 1.0818 during the European session. It was the pair’s lowest point since April 27. Later in the day, euro received some additional support after the report on improvements in German consumer confidence. The Greek government expressed confidence in ability to make the payment to the IMF due on June 5, which caused the subsequent rise of the single currency. Spanish GDP data is due ahead in the day. EUR/USD is traded at 1.0930.

The U.S. dollar fell 0.04% against major currencies with the U.S. dollar index currently at 97.24. The demand for the dollar was subtly pushed down by the rise of the euro.

USD/JPY is still moving down after the positive report on retail sales in Japan for the first time in four months. The pair is trading at 123.73.

AUD/USD was down after weak Building Capital Expenditure report from Australia.

Another commodity-backed currency - NZD/USD, was also down during the Asian session earlier today. NZD/USD is trading at 0.7247 and continues its downfall against the strengthening U.S. counterpart.

Ahead in the day, the markets are watching UK GDP and Canadian data, as well as euro zone’s statistics. In the evening, higher volatility is expected after the release of US pending home sales for April.


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Friday, May 29th

On Thursday, GBP/USD went down after data release of UK GBP, which was slightly weaker than expected. GBP fell to 1.5259 before consolidating at 1.5323 during the Asian session today.

EUR/GBP soared to 0.7151 in the late European trade and continued its rise to 0.7162 today after mixed data on German retail sales in April. The pair is currently trading in the narrow range with session lows around 0.7140. The Greek situation remains an important point of attention and EMU’s M3 Money Supply is due later in the day with expectations of 4.9% reading. The pair
is likely to find support at 0.7036 (low of March 12) and resistance at 0.7187 (high of May 20).

EUR/USD was up yesterday, reaching the 1.0958. The single currency found support after the Greek Government reported that it was coming closer to the agreement with its international creditors. However, the European Officials later said there was still much work to do with negotiations before reaching the agreement. Today’s retails sales data from Germany pushed EUR/USD even higher to 1.0960 levels, but the pair is erasing its gains currently trading at 1.09336. The closest resistance is seen at 1.0960 after which the psychological resistance is at 1.10. On another side, if a fall below 1.0930 is seen, the pair might find resistance at 1.0866 – the previous session’s low.

The demand for the dollar remained high after the Fed’s hawkish reports and series of positive reports during the previous weeks, which indicates that American economy is gaining momentum after a slowdown in the first quarter. Although, yesterday’s report showed the number of initial jobless claims rose last week, which contributed to the downward movement of the U.S. dollar index.

Earlier this morning, yen was stronger after mixed data from Japan, including National CPI (YoY), Jobs/applications Ratio and household spending. Traded at 123.82, the pair is likely to find support at 122.76 and resistance at 124.47.

Ahead in the day, the markets are watching the American data, including GDP, and Canadian statistics.

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