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Follow on Google News | USD Softer ahead of Holiday WeekendThe dollar is giving back some of its recent gains as traders cover positions ahead of the holiday weekend and after the market failed to break the 1.25 downside barrier in EUR/USD.
By: Ron Daulton The Swiss franc was on the move earlier with EUR/CHF rising sharply on speculation of possible fees on SNB deposits. Swiss officials declined to comment and the franc regained ground after the rumors faded. USD/CHF is lower after making new 15-month highs above the 0.9600 figure and EUR/CHF appears to be settling back into its range just above the 1.20 floor. Japan's national CPI figures for April were slightly better than anticipated, however the more timely Tokyo May CPI data indicated a drop in prices with the yearly change in prices moving deeper into deflationary territory. National CPI excluding fresh food grew at only 0.2% y/y which remains far from the 1.0% target set by the Bank of Japan. The yen is mostly weaker against the majors, but is slightly higher against the USD as U.S. treasury yields are softer today. USD/JPY tested the 21-day SMA which is currently around 79.80 and was rejected. The pair also sees bearish channel resistance and the 100-day SMA just above today's highs. http://realwealthincomegenerator.us/ There is little economic data due out later today with the University of Michigan consumer confidence survey as the only notable release which is expected to remain unchanged at 77.8 from the preliminary May estimate. http://eminisuccessformula.us/ The CAD also fell 0.2% to a four-month low against the USD to 1.0296 amid concerns that Canada’s largest trade partner-the US- would not grow at a sufficient pace. The nation’s fundamentals are strong with strong wholesale trade and the largest job gain in over 30 years. As for other resilient economies, solid domestic demand is expected to boost the Canadian economy but the question remains if the demand can be developed in a fast enough time frame to avoid contagion from external factors. Today is very light on data, with consumer confidence for France and Germany coming in better than expected at 5.7 and 90 respectively. During the US session, the Michigan Consumer Sentiment rating the relative level of current and future economic conditions will be released. Consensus is that index will print at 77.8, its previous level, but a surprise in the data to the upside could be bullish for the USD. http://forexcapitalmultiplier.com/ End
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