Home News ForexLive Americas FX news wrap: Vaccine doubts sap optimism – ForexLive

ForexLive Americas FX news wrap: Vaccine doubts sap optimism – ForexLive

2 min read

Forex news for North American trading on May 19, 2020:


  • S&P 500 down 31 points to 2922
  • WTI crude up 3 cents to $31.69
  • Gold up $14 to $1746
  • US 10-year yields down 3 bps to 0.6948%
  • NZD leads, JPY lags

The early theme was Japanese yen weakness after it was revealed that the BOJ will hold a special meeting on Friday with a new lending program ready to be rolled out. USD/JPY accelerated to the upside in a mini-parabolic move starting at 107.25 and hitting 108.09, which was a one-month high. That high was just above the late-April highs but there was no follow-through. Instead the pair promptly topped out and slowly sagged back to 107.70.

The move in EUR/JPY was larger as the pair hit 118.20 as the euro climbed on the French-German plan to boost spending in the eurozone. EUR/USD rose to 1.0976 in European trading but never got back there in US trade and finished near the New York low of 1.0925.

Cable did get a second-wind late in the day at rose to 1.2296 but offers at the figure capped the move and it sagged back to 1.2240.

The commodity currencies are the charts to watch right now as both AUD and CAD look to break out against the US dollar. Both got near the limits today but didn’t push through and then retraced late on the Moderna skepticism and reversal in stock markets.

Let’s block ads! (Why?)

Source link

Comments are closed.

Check Also

EUR/USD Forex Technical Analysis – Weakens Under 1.1278, Strengthens Over 1.1295 – Yahoo Finance

The Euro is trading lower against the U.S. Dollar early Friday as a surge in new coronavir…