{"id":148567,"date":"2019-05-28T09:30:47","date_gmt":"2019-05-28T13:30:47","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=148567"},"modified":"2019-05-28T08:59:19","modified_gmt":"2019-05-28T12:59:19","slug":"usd-higher-over-quiet-session-key-data-ahead","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/usd-higher-over-quiet-session-key-data-ahead\/","title":{"rendered":"USD Higher Over Quiet Session, Key Data Ahead"},"content":{"rendered":"
May 28, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

US Consumer Confidence on Watch<\/strong><\/h2>\n

The US dollar has been a little higher over the European morning on Tuesday as traders gear up for the first tier one data of the week due later today. The index trades 97.65 last with price hugging the 97.68 level, which remains the key short term pivot.<\/p>\n

Euro Turns Lower<\/strong><\/h2>\n

EURUSD has traded lower again today, weighed down by a stronger USD.<\/strong>\u00a0Concerns around the health of the eurozone economy have kept EUR sentiment skewed to the downside in recent months, despite brief recover recently amidst a bout of USD weakness. EURUSD trades 1.1184 last as price turns lower once again from the 1.1217 level resistance.<\/p>\n

Politics Pushing Pound Down<\/strong><\/h2>\n

GBPUSD has turned lower again today also, with price now testing the 1.2658 level and bearish channel low.<\/strong>\u00a0Political upset in the UK has cast a further shadow over the outlook for Brexit as MPs scramble to rally support in the wake of the\u00a0UK PM announcing her resignation<\/a>\u00a0last week.<\/p>\n

Risk Assets Weaker<\/strong><\/h2>\n

Risk sentiment has been a little weaker today also as US\/China trade war concerns and Brexit uncertainty create a negative tone to the start of the week.<\/strong>\u00a0The SPX500 has turned back down towards the 2816.15 level, though for now remains atop the level.<\/p>\n

Gold Down, JPY Up<\/strong><\/h2>\n

Safe havens have had a mixed day so far with gold weakening against USD while JPY strengthens.<\/strong>XAUUSD is still above the 1280.58 level for now. Gold has been higher over the last few sessions following on from\u00a0last week\u2019s FOMC minutes<\/a>\u00a0which failed to give any sign that the Fed is moving towards hiking rates in the near term. USDJPY has been lower today, trading back down to 109.34 last, though for now, remaining above the 108.99 support.<\/p>

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Crude Capped by Stronger USD<\/strong><\/h2>\n

Oil prices have traded lower today also as a stronger US dollar weighs on price.<\/strong>\u00a0Crude was knocked massively lower last week as concerns around the ongoing US\/China trade war. Indeed, even persistent tensions in the Middle East were unable to keep crude bid. We have seen a small recovery off the 58.06 low so far, though any retest of the 60.55 level is likely to find resistance.<\/p>\n

Commodity Currencies Under Pressure<\/strong><\/h2>\n

Weaker oil prices and a stronger US dollar have weighed on CAD so far this week, leading USDCAD to rally up through the 1.3469 level.<\/strong>\u00a0This level has been a major pivot over recent months and price has been oscillating around the level frequently. Looking ahead this week, the BOC meeting on Wednesday could be a key driver of short term price movement. The BOC is expected to keep rates on hold though any unexpected dovishness in the statement could see CAD slammed lower.<\/p>\n

AUD has stabilized somewhat against USD. Following a heavy decline over recent weeks which saw price trading as low as .6864.<\/strong>\u00a0Price has since recovered though for now, has yet to break back above the .6982-.7021 resistance level,\u00a0keeping focus on<\/strong>\u00a0further downside<\/strong>\u00a0in the near term, especially as US\/China trade war concerns remain elevated.<\/p>\n

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

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

By Orbex US Consumer Confidence on Watch The US dollar has been a little higher over the European morning on Tuesday as traders gear up for the first tier one data of the week due later today. The index trades 97.65 last with price hugging the 97.68 level, which remains the key short term pivot. […]<\/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-148567","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/148567","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=148567"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/148567\/revisions"}],"predecessor-version":[{"id":148569,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/148567\/revisions\/148569"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=148567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=148567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=148567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}