Euro and Gold Higher, Focus Shifts Towards UK Elections
The past day’s data was diverse to say the least with no real movers yet a surprisingly large amount of revelations. German retail sales disappointed at -0.2% versus estimates of 0.4% with further negativity in the form of a weaker than expected m/m French CPI. Furthermore, EU CPI data was also a miss, negating rhetoric of a potential tightening by the ECB in the near term. On the other hand, US data surprised to the upside with Chicago PMI printing 59.4 while pending home sales missed their expectations by a large margin.
Gold is back trading near the highs yet a sustained break above recent highs is needed to confirm such momentum while Silver is slightly lower and down around 0.40’s. Crude Oil is off by more than 2% as OPEC complications begin to surface
The Dollar pushed lower against most currencies as the Euro trades near recent highs despite disappointing EU data. Cable also enjoyed decent gains while the Dollar Yen remains mildly bearish and under the 111.00 area. Loose monetary policy expectations pushed the Australian Dollar lower against the US Dollar which trades low 0.7400’s.
EUR/USD – The upside seems to be in place yet the pair stalled around major resistance. Weaker than expected US data could force the Euro above the upper 1.1266 into the 1.1300’s and potentially higher.
USD/JPY – The pair remains weak yet support around the 110.60-70 held so far. Only a break below could bring with it new downside momentum, otherwise, a mild correction higher is very possible.
Gold – The upside seems to be in place as Gold broke into the low 1270’s and now trades around previous highs. Setbacks should provide advantageous buying opportunities for traders looking to be long.
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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.
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