The Buck managed to rake in positive factors regardless of downbeat U.S. retail gross sales information.

Can the greenback preserve banking on safe-haven flows right this moment?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out CAD/JPY gearing up for a triangle breakout forward of Canada’s CPI launch. Make sure you try if it’s nonetheless a superb play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Knowledge:

Canadian headline CPI superior from 0.5% to 0.7% month-over-month in April vs. 0.5% forecast, trimmed CPI down from 4.4% to 4.2% year-over-year vs. projected 4.1% studying

U.S. April headline retail gross sales rose 0.4% month-over-month vs. 0.8% forecast, earlier studying upgraded from 1.0% decline to smaller 0.7% drop

U.S. April core retail gross sales posted 0.4% month-over-month uptick vs. 0.5% forecast, March studying upgraded from 0.8% drop to 0.5% decline

U.S. April industrial manufacturing jumped 0.5% month-over-month, following earlier 0.4% achieve, as an alternative of staying flat as anticipated

U.S. NAHB housing market index improved from 45 to 50 in Might, reflecting shift to a positive outlook as an alternative of holding regular

Japanese preliminary Q1 GDP confirmed 0.4% quarter-over-quarter enlargement versus projected 0.2% progress determine, earlier studying downgraded from 0.2% to 0.0%

Japan’s preliminary GDP value index rose from 1.2% to 2.0% year-over-year as anticipated

Japanese industrial manufacturing upgraded from 0.8% to 1.1% as an alternative of staying unchanged

Australia’s wage value index confirmed one other 0.8% quarter-over-quarter achieve, wanting the estimated 0.9% enhance

Value Motion Information

Overlay of USD Pairs 15-min

Greenback power was the secret prior to now buying and selling periods, whilst Uncle Sam’s April retail gross sales figures fell wanting estimates.

Because it turned out, market watchers discovered inexperienced shoots within the revisions to earlier readings, in addition to upbeat outcomes from the NAHB housing survey and industrial manufacturing information.

The Canadian greenback managed to pocket some positive factors after the economic system printed robust CPI readings, however the oil-related foreign money returned its winnings when the commodity resumed its stoop.

Upcoming Potential Catalysts on the Financial Calendar:

BOE Governor Bailey’s speech at 9:50 pm GMT
U.S. constructing permits and housing begins at 12:30 pm GMT
New Zealand’s quarterly producer costs at 10:45 pm GMT
Australia’s employment report at 1:30 am GMT (Might 17)

Use our new Forex Warmth Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

AUD/USD 15-min Foreign exchange Chart by TV

The Aussie has been on weak footing right this moment after Australia printed a downbeat quarterly wage index, suggesting subdued inflationary pressures and decrease odds of an RBA hike.

Nonetheless, AUD/USD seems to be discovering patrons at S1 (.663) close to the day prior to this lows. If assist retains holding, the pair would possibly have the ability to pull as much as close by resistance ranges.

The pivot level (.6670) strains up with a short-term falling development line and former assist zone that may be sufficient to maintain positive factors in test.

There aren’t any main studies from the U.S. economic system right this moment, though debt ceiling updates and mid-tier housing information might nonetheless carry volatility for USD.

In the meantime, Australia is gearing as much as print its April employment report and would possibly reveal a slower tempo in hiring, triggering extra draw back for AUD.

Hold an eye fixed out for a break beneath present ranges that would set off a drop to S2 (.6610) or decrease!