register nowRegister now
USDJPY TECHS

Eighth Consecutive Session of Higher Highs

EURGBP TECHS

Remains Below The Feb 26 High

GBPUSD TECHS

Consolidating And Remains Vulnerable

EQUITIES

Stocks Spiral as S&P Chews Through Support

FOREX
FOREX: The much awaited USD underperformance via month-end rebalancing was
apparent into the 4pm London fix, although the majors' fortunes were mixed.
- US Commerce Secretary Ross outlined details of steel & aluminium tariffs for
the EU, Canada & Mexico, effective from midnight, but some leeway has been given
to Argentina, Australia and Brazil. NAFTA issues were also apparent. 
- CAD had already been holding heavy after the release of soft Quarterly
Annualised GDP, and touched extended reaction highs of 1.2991 on the
tariff/NAFTA issues.
- USDMXN lifted to its highest levels since early 2017 > 20.00 but faded.
- Metal tariffs/no confidence vote on Spanish PM Rajoy started to weigh on the
EUR. EURUSD slipped to 1.1641 followed by an immediate recovery to 1.1665/70
amid choppy 2-way price action. Headlines that Italy's 5SM & Lega had agreed on
a cabinet provided a welcome relief to challenge 1.1700, the cross is now back
above the figure.
- CHF was the best G10 performer in the month of May, while GBP & EUR lagged.
- US NFP, China Caixin M'fing PMI, EZ M'fing PMIs & ISM M'fing headline Friday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com