Happy Labor Day - Forex News by FX Leaders

Happy Labor Day

Posted Monday, May 1, 2017 by
Skerdian Meta • 1 min read

Today is May 1st, so the European markets are closed for Labor Day. China is also off today since it´s a communist country, while Japan was open for business and North America will be open as well.

We had a bit of action when the market opened last night, particularly the GBP pairs which opened with a lower gap. GBP/USD has been in a solid uptrend over the last couple of weeks. However, over the weekend, PM May threatened to quit the EU without striking a deal first. That response came after it took the EU leaders just 4 minutes to unanimously agree on negotiation guidelines for Brexit.

The run in the Aussies pairs is strange though. AUD/USD is up about 40 pips so far today and I don´t see any reason for it. There were a couple of mild economic data releases from Australia earlier this morning but the numbers were mixed, so I don´t think that´s what started this move. I think the move is due to the thin liquidity and some short covering of the sell positions that we have seen crowding this forex pair in the last few weeks.

This AUD/USD run higher is also pulling up NZD/USD, which is close to some levels which look tempting to sell. By the way, we´ll try to open a forex signal in NZD/USD so I´ll post a short update about it in a minute and happy Labor Day to everyone who labors.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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