{"id":147427,"date":"2019-05-10T10:30:55","date_gmt":"2019-05-10T14:30:55","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=147427"},"modified":"2019-05-10T09:56:35","modified_gmt":"2019-05-10T13:56:35","slug":"equities-end-a-week-of-straight-losses-as-risk-aversion-deepens","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/equities-end-a-week-of-straight-losses-as-risk-aversion-deepens\/","title":{"rendered":"Equities End A Week Of Straight Losses As Risk Aversion Deepens"},"content":{"rendered":"
May 10, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Dollar Down on The Week<\/strong><\/h2>\n

The US dollar sold again over the European morning on Friday. This\u00a0brings the week to a negative close on the index<\/strong>, which trades 97.10 last. Despite a lack of key data this week, USD has come under pressure following Trump increasing tariffs on $200 billion of Chinese goods to 25%. There are fears that the move will negatively impact both the domestic and global economy especially as China has threatened retaliation.<\/p>\n

EURUSD Remains Resilient<\/strong><\/h2>\n

EURUSD continues to rally today as the pair closes out a second positive week.<\/strong>\u00a0The risk-off tone has seen a sharp unwinding of EUR asset markets leading investors to buy back their EUR hedges, keeping EUR supported. A weaker US dollar has also helped keep EURUSD afloat today with price trading back above the 1.1217 resistance level.<\/p>\n

GBPUSD Holds above 1.30<\/strong><\/h2>\n

GBPUSD has been a little weaker over the European morning today as\u00a0an in-line GDP print failed to lift price.<\/strong>\u00a0For now, though, GBPUSD remains above the 1.30 low which has been key support over the year so far. If price can hold here we could see some further rotation higher.<\/p>\n

Equities End The Week Lower<\/strong><\/h2>\n

Risk assets have had a disastrous week with the SPX500 selling off again today to print a week\u2019s worth of straight losses.<\/strong>\u00a0News of Trump raising tariffs on Chinese goods as well as news of the US deploying warships to the Middle East has taken a toll on risk sentiment this week as world growth concerns re-emerge. SPX500 is now ending the week below the 2872.76 level.<\/p>\n

Safe Havens Mixed on Friday<\/strong><\/h2>\n

Safe havens have been mixed over the final European session of the week.\u00a0Gold is trading higher<\/a>\u00a0against USD while JPY trades lower<\/strong>. Despite the risk off tone to the week, which has led to safe haven inflows for the yen, the fresh US tariffs on China threaten to harm Japanese growth, leading USDJPY back above the 109.70 support level broken yesterday. XAUUSD is finishing the week just above the key 1280.58 level as a weaker US dollar and risk off tone keeps the precious metal supported.<\/p>

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Crude Oil Remains Bid<\/strong><\/h2>\n

Crude oil prices are clinging to the 61.89 level today heading into the final US session of the week.<\/strong>\u00a0The market is currently caught between opposing directional forces. Price is being affected by fresh global growth concerns linked to a re-escalation of the US\/China trade war, while price is supported by news of rising tensions between the US and Iran.\u00a0Yesterday\u2019s EIA report showed an unexpected drawdown in US crude stocks<\/strong>\u00a0which has also helped support price today.<\/p>\n

Commodity Currencies Rise Despite Risk off Tone<\/strong><\/h2>\n

A weaker US dollar today, along with resilient oil prices, has allowed for some recovery in the Canadian dollar.\u00a0<\/strong>USDCAD is moving lower from the 1.3469 resistance level which price has been challenging all week. Looking ahead today, traders are waiting on\u00a0Canadian unemployment data<\/a>\u00a0for April which could add a further boost for CAD.<\/p>\n

AUDUSD has been better against the US dollar again today,<\/strong>\u00a0holding above the .6982 level. However, the price has been unable to make it back above the .7021 level, keeping the focus on further downside. Following another dovish meeting from the RBA, traders have increased their expectations of an RBA rate cut in the coming months.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Dollar Down on The Week The US dollar sold again over the European morning on Friday. This\u00a0brings the week to a negative close on the index, which trades 97.10 last. Despite a lack of key data this week, USD has come under pressure following Trump increasing tariffs on $200 billion of Chinese goods […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-147427","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=147427"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147427\/revisions"}],"predecessor-version":[{"id":147435,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147427\/revisions\/147435"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=147427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=147427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=147427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}