Free Trial

(Clarifies GBP/USD price) Markets dent the....>

FOREX
FOREX: (Clarifies GBP/USD price) Markets dent the dollar in favour of havens
-It was steady going in early Europe with some GBP outperformance as retail
sales for April beat expectations, prompting GBP/USD to break above the $1.34
level. Modestly lower equities in Asia and on the continent also saw JPY and CHF
outperform, a trade bolstered by Trump's decision to withdraw his offer of a
summit with North Korea's Kim.
-Following Trump's decision, USD/JPY dropped comfortably below the Y110 handle
to touch two-week lows, but a close below the Y108.32 100-dma will be needed to
confirm a deeper correction. Moving in tandem, USD/CHF briefly broke below the
Chf 0.99 level, extending the pullback from the year's highs to 1.4%.
-CAD was the poorest performer of the day as commodities fell. WTI crude futures
dropped 1.6% despite the heightened geopolitical tensions on the Korean
peninsula as Russia's energy minister raised the prospect of OPEC easing their
multi-year supply curbs.
-Tomorrow, German IFO, UK GDP and US Uni. of Michigan numbers are the data
highlights.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.