The U.S. dollar edged up in Asian markets today. However, it still remained close to the six-month lows hit earlier. The dollar index was steady since Friday’s late trading hours around the 97.292 level not much far from the previous session’s low of 97.080, which is its weakest since November 9. Federal Open Market Committee member Patrick Harker and President Neel Kashkari are set to speak at 14:00 GMT and 14:30 GMT respectively today, their speeches may affect trends of the U.S. dollar.
source: Reuters, Investing.com
Today, the British Prime Minister, May, will be delivering a speech at 18:00 GMT and this event could lay further impact on the GBP and U.K. assets. May will urge voters to support her for to deliver on Britain’s exit from the European Union as this remains her strongest strategy to win the U.K. election. It is to note that poll lead in her favor dropped further. Meanwhile, European officials expect Brexit’s date to be confirmed only after the British vote session.
This Monday marked the biggest daily rise in a month for Asian stocks since their last best performance on April 25 and after moderate gains in U.S. shares. Australia, Hong Kong and Japan shares all surged higher today. Japan reported its exports data for April, which rose by 7.5 percent in April from a year ago. Japan’s exports are expected to increase as global economic growth rises, and could thus affect the JPY also in the long term.
On Friday, the dollar index recorded a huge set of pullbacks as from 03:00 UTC at the $97.82 level to close this bearish trend by 11:00 UTC at the $97.35 level. It initiated today’s session with a 0.23 percent rise as it traded at $97.22. Afterwards, the index was seen much volatile in today’s early trading session. It picked up momentum as from 03:00 UTC at the $97.26 level. A change in trends is expected at 10:00 UTC, the asset may rise further through the day, consider the Ladder trading tool to trade on this pair./p>
The GBP/USD edged lower by 0.32 percent at 00:00 UTC at the 1.2993 level on Monday. However, it immediately gained value as from the very next hour at 01:00 UTC to reach its highest level for today at $1.30030 by 03:00 UTC. The Ichimoku Cloud indicator suggests a change in trends around 09:00 UTC and it may fluctuate afterwards for the rest of today. The 60-Seconds tool would be ideal for this currency pair today.
This asset fell by 0.19 percent at the 0.7447 level at 00:00 UTC today. After that, it was seen recording much volatility on the forex market in the next following hours. The Reserve Bank of Australia’s Assistant Governor Guy Debelle’s speech, due at 17:30 UTC today, may set new trends for this currency pair. According to the Ichimoku Cloud indicator, it may consolidate as from 10:00 UTC within the 0.74515 to the 0.74353 levels.
Things to watch on the market
Since the U.S. dollar is in the limelight today, it would be appropriate to consider the dollar index and currency pairs like the EUR/USD, AUD/USD and the GBP/USD for the Classic Binary tool today.
U.K. PM May’s speech could shed light on the GBP and it is highly recommended to invest in pairs such as the EUR/GBP, GBP/USD, and GBP/JPY.
Asian shares were seen trading higher, with the Nikkei 225 at 0.34%, ASX by 0.66%, Hang Seng Index at 0.37%. Traders can thus use the Classic Binary tool for these indices today.