Morning brief for May 2

Morning brief for May 2

A belated happy Labour day, dear traders! We bet you were trading with zeal and special ardor yesterday! Here are the latest news and market moves of today’s Asian session.

AUD/USD spiked to 0.7540 after the Reserve Bank of Australia left its cash rate unchanged at 1.5%. No sign of cut nor a hike has been registered. The statement was neutral maybe with a slight hawkish bias. There is a room for further extension towards firm resistance at 0.7600.

USD/JPY has spent the Asian session in a very narrow range; it edged up to 111.88 but has still not pierced 112. It seems that upward momentum is not as strong as preferred. To strengthen it quotes should hit 112.20. A clear break of the following level will improve the odds for further extension towards 112.90. The concerns about North Korea nuclear testing have lessened. Donald Trump opened the door to meeting North Korea’s young leader Kim Jong Un.

EUR/USD posted a modest gain in the Asian session having risen above 1.0920. The quotes are moving mostly sideways, as bulls lost their momentum. So, the odds for breaking 1.1000 have seriously diminished. Most likely EUR/USD will continue its rangebound movement in the upcoming sessions. A stop loss can be placed at 1.0820 (last Monday low). Emmanuel Macron is still seen as the front-runner over Marin le Pen in the second round of the French presidential race (scheduled for May 7).  Today’s focus will be on the EZ countries’ Manufacturing PMI.

USD/CAD slipped a few points in the Asian session. At the present moment, the pair is hovering near 1.3665. Loonie might continue strengthening against USD especially after FOMC meetings (the members will likely vote for staying on hold at the tomorrow’s meeting).

Brent oil futures held weaker on Tuesday following the weak survey on manufacturing in China and revival of the Libya’s crude oil industry. Today, investors will be waiting for the American Petroleum Institute’s report on the US crude and refined product stockpiles. A drop in inventories will be supportive for the oil prices.

GBP/USD rose above 1.2900 in the course of the Asian session. The odds for further extension at least towards 1.3000 are quite high. A slowing domestic economy and upcoming UK election temper prospects of sustained upside though. A disappointing headline of today’s manufacturing PMI out of the UK might send the pound lower towards 1.2750, 1.2610 levels.

Kiwi lost its ground in the morning trading session. NZD/USD slid to 0.6910. A move below 0.6850/55 will be a signal of bears’ strength. A break of the resistance at 0.6965 will be a good sign for us to adopt a bullish stance. 

Similar

Oil is in the arena

Oil is always the hottest topic. Other markets may be steady, however, the oil one never is.

oil

Popular

Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera