Free Trial

Consolidation largely remained the theme.....>

DOLLAR: Consolidation largely remained the theme through Asia with modest dollar
losses seen across G10, except JPY. The Antipodeans sit top of the pile and
continue to pare yesterday's losses. 
- The DXY comfortably holds above the 98 level tied to a narrow 98.08-14 range.
Bulls will look to clear yesterday's high at 98.20, before challenging the ytd
highs at 98.37. Above here and traders have reported of resistance on approach
to 98.50.
- Gold topped out ahead of $1286 yesterday, before drifting toward $1280 at the
close. The downtrend spilled over into Asia/early Europe touching pullback lows
of $1276.72. Near-term support is seen at $1276.41 from the 61.8% fibo of
$1269.58-1287.47, below here opens the May 21 low at $1269.58, ahead of the
200-dma at $1261.25.
- WTI & Brent both hold toward the peak of their respective 40 pip ranges. 
- Busier schedule on the calendar today with US data release at 1230GMT from Q1
GDP (2nd estimate), Jobless Claims, Core PCE & Wholesale Inventories. Pending
Home Sales follow at 1400GMT. US Fed's Clarida speaks in New York from 1600GMT. 

To read the full story



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.