Trial now

Bullish Extension


Heading North


(M1) Needle Still Points North


(N1) Bullish Conditions Remains Intact


Extends Lower With Bears In Charge

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Another session of thin liquidity expected with markets in Japan, mainland China and South Korea all observing holidays. The greenback is slightly lower in early Asia-Pac trade, Fed's Kashkari spoke and reiterated the Fed's commitment to easy policy. The modest pullback in USD has seen AUD/USD rise around 9 pips, the increase helped along by a rise in IHS Markit Australia April Services PMI which came in at 58.8 vs 55.5 in March. This was the fastest pace of services expansion since the survey began in 2016.

  • NZD/USD is the best G10 performer so far, boosted by an upbeat Q1 Labour Force Survey, which showed that the unemployment rate unexpectedly fell to 4.7% from 4.9%. Employment increased more than expected, alongside an above-forecast uptick in participation. RBNZ Deputy Gov Bascand did cross the wires cautioning that there is a greater risk of a house price correction. The pair up 15 pips last.
  • JPY pairs little changed in early trade, Yomiuri reported this morning that Tokyo & Osaka are set to request extending their respective emergency declarations while Osaka Gov Yoshimura suggested Tuesday that the prefecture may apply for an extension to its state of emergency, as the healthcare system remains strained, which makes lifting emergency "difficult."
  • CNH flat amid a lack of catalysts due to the aforementioned market closures.