Wrapping Up The Forex Trading Day – May 18th
Arslan Butt • 1 min read
We just had another incredibly volatile day. Though, the EUR/USD & USD/JPY traded in line with the predictions summarized in the Forex Signals Brief for May 18th – The U.S. Dollar Leaves Investors On The Breadline, we didn't have much luck with the forex trading signals. Our trading signal on gold compensated the stop loss in the Nikkei. It's all part of business. Let's wrap up the major events and changes that occurred today.
Key Events For Today
1 – Today, the market began trading with a bearish dollar sentiment in response to the latest news that U.S. President Trump suggested that F.B.I. Director James Comey end his inquiry into Trump's previous National Security Adviser Michael Flynn.
2- The Japnese Yen shined during the heightened demand for haven assets as well as Gross Domestic Product (GDP) figures which demonstrated an expansion of 0.5% in the first quarter along with 2.2% yearly growth.
3- In the New York session, the dollar got some support upon the release of favorable Unemployment Claims and Philadelphia Fed Manufacturing index from the United States. Talking about numbers, the Fed Manufacturing index increased to 38.8 in May from 22.0 in Feb, and U.S. unemployment claims declined to 232K compared to a previous figure of 236K.
At the moment. Investors are awaiting ECB President Draghi's speech which is due at 17:00. Personally, I'm not expecting any volatility due to Mario Draghi, but let's see if he has something new to offer us. Stay tuned for live market updates!