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US: Consumer sentiment remains solid since Trump's election - UoM Eren Sengezer

The final reading of University of Michigan Consumer Sentiment Index eased to 97.1 from 97.7 and missed the market consensus of 97.5.Key highlights from Surveys of Consumers chief economist, Richard Curtin's comments:

17:23 26 May /2017 Forex

GBP/USD weaker, pierces 1.2800 Pablo Piovano

The selling pressure around the Sterling remains everything but abated today, forcing GBP/USD to retreat to fresh lows in sub-1.2800 levels.GBP/USD down on USD-bids, UK pollsCable came under strong and renewed selling pressure at the end of the week in response to a persistent buying interest around the buck and latest

17:23 26 May /2017 Forex

EUR/USD attempts some recovery near 1.1170 Pablo Piovano

After bottoming out at fresh weekly lows near 1.1160, EUR/USD is now looking to pick up some pace following another US release.EUR/USD finds support at 1.1160The pair dropped to the area of 1.1160 following upbeat results from US GDP figures for the first quarter, although the lower-than-expected results from US consumer sentimen...

17:23 26 May /2017 Forex

Oil and the S&P 500 - BBH

Analysts at BBH assess the recent changes on the correlation between the price of oil and the S&P 500 Index with the following analysis:"The fluctuation of oil prices is often cited as an important factor driving equities.  Our work shows that this is not always the case and that the correlation between the price of oil and the S&P 500 continues to ease."  "We looked the statistical relati...

17:00 26 May /2017 Forex

USD/CHF recovers daily losses post-US data Eren Sengezer

Following the upbeat macro data from the United States, the USD/CHF pair, which spent the majority of the day moving sideways above the 0.97 handle, gathered momentum and erased all of its daily losses. As of writing, the pair was trading at 0.9750, up 0.27% on the day.Today's data revealed that according to the second est...

16:46 26 May /2017 Forex

US Dollar climbs to highs near 97.40 on US GDP Pablo Piovano

The greenback – in terms of the US Dollar Index – met a bout of upside pressure following the release of the US Q1 GDP, advancing to the upper end of the range near 97.40.US Dollar bid after upbeat dataThe index gathered further traction after another revision of US 16:23 26 May /2017 Forex

USD/JPY recovers over 40-pips from sub-111.00 level post-US data Haresh Menghani

The USD/JPY pair caught some fresh bid at lower level and managed to recover around 35-pips from sub-111.00 level touched in the past hour after mixed US economic releases. Currently trading around 111.25 region, spot gained some bullish traction after the revised estimate of the 16:23 26 May /2017 Forex

US: The PCE price index increased 2.4% in first quarter of 2017 Eren Sengezer

"The price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with an increase of 2.0 percent in the fourth quarter. The PCE price index increased 2.4 percent, compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index increased 2.1 percent, compared with an increase of 1.3 percent," said the U.S. Bureau of Economic Analysis...

16:00 26 May /2017 Forex

EUR/USD: Towards the top of the range - SocGen Sandeep Kanihama

In view of Olivier Korber, Research Analyst at Societe Generale, the EUR/USD has been trading in a 1.04-1.16 range for more than two years, and is likely on its way to appreciate towards the upper bound.Key Quotes“The first round of the French election was a significant landmark for the price action. The FX rate broke at the same time its horizontal support at 1.08 and a descendin...

16:00 26 May /2017 Forex

US: Real GDP increased at an annual rate of 1.2% in the first quarter of 2017

Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017 in the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.1 percent.Key quotes:"The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month.  In t...

15:46 26 May /2017 Forex

US: New orders for manufactured durable goods in April decreased $1.6 billion or 0.7%

"New orders for manufactured durable goods in April decreased $1.6 billion or 0.7 percent to $231.2 billion," the U.S. Census Bureau said on Friday.Key quotes:"This decrease, down following four consecutive monthly increases, followed a 2.3 percent March increase. Excluding transportation, new orders decreased 0.4 percent. Excluding defense, new orders decreased 0.8 percent. Trans...

15:46 26 May /2017 Forex

EUR/USD tumbles to 1.1180 post-US GDP Pablo Piovano

The selling interest has picked up pace around the single currency on Friday, with EUR/USD now falling to session lows in the 1.1180 area.EUR/USD weaker on US dataThe pair met extra downside pressure after the second revision of the 15:46 26 May /2017 Forex

EUR/GBP is likely to undergo a pause - SocGen Sandeep Kanihama

Analysts at Societe Generale, explain that since last year, EUR/GBP has remained confined within a pattern similar to a triangle, and recently it successfully defended the support at 0.8360/30.Key Quotes“It has led to a steady recovery, and the pair is now up against the upper limit at 0.8680/0.8710, which is also the 76.4% retracement from the March high. Holding below this level...

15:46 26 May /2017 Forex

GBP/USD tumbles to fresh monthly lows after US macro releases Haresh Menghani

The GBP/USD pair remained heavily offered and extended its downslide to fresh monthly lows following the US macro releases.Currently trading around 1.2825 region, spot ran through some fresh offers after data released from the US showed that the economy expanded at a must faster pace than previously estimated. According to the preliminary release...

15:46 26 May /2017 Forex

UK Election: Labour continues to close the gap against Conservatives

The latest YouGov/Times poll showed that May's Conservatives lead shrunk to only 5 points against the Labour Party - 43% vs. 38%. Prime Minister Theresa May's U-turn over her "dementia tax" plans last week continues to dent her chances of winning the snap election, which was announced on April 18. "A separate poll, conducted after the Tory manifesto launch, found 28 per cent of voters said they we...

15:23 26 May /2017 Forex

USD/JPY further recovery lies above 112.01/13 – Commerzbank Pablo Piovano

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts need to clear the 112.01/13 band to allow for a recovery.Key QuotesUSD/JPY is we suspect attempting to stabilise above the 110.06 200 day ma but intraday rallies will need to overcome 112.01/13 to allow for a recovery. Meanwhile while cap...

15:23 26 May /2017 Forex

Dollar Index rebound looks plausible towards 98.50/98.85 - SocGen Sandeep Kanihama

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come up against the broad upward channel limit at 96.80/45, which also corresponds to the 61.8% retracement from May 2016.Key Quotes“The pullback looks similar to the one seen last year, when it evolved within a downward pointing triangle and the last leg of the sell-off remained within a desc...

15:23 26 May /2017 Forex

NZD/USD through 100-DMA barrier, refreshes two-month highs ahead of US macro releases Haresh Menghani

After an initial dip to 0.70 neighborhood, the NZD/USD pair regained traction and broke through 100-day SMA strong hurdle near mid-0.7000s to fresh two-month tops.Currently trading around 0.7060-65 region, testing session tops, the pair now seems all set to record a second consecutive week of strong gains and possibly it strongest weekly close si...

15:23 26 May /2017 Forex

Eurozone: Still accumulating foreign assets – SocGen

Kit Juckes, Research Analyst at Societe Generale, notes that the Eurozone’s current account surplus has flattened out at around EUR 370bn per annum, a little above 3%, but these data are for March, providing therefore a glimpse of life in the run-up to the French election rather than anything more recent.Key Quotes“European investors bought EUR840bn of foreign assets in the last y...

15:00 26 May /2017 Forex

CAD: Modest strength ahead for the loonie - SocGen

Alvin T. Tan, Research Analyst at Societe Generale, explains that the Canadian economy started the year on a strong footing after a disappointing 4Q16 but the adjustment to lower oil prices is largely complete, and the Bank of Canada has noted a more positive tone to business investment recently.Key Quotes“The labour market has tightened over the past year, with the unemployment r...

15:00 26 May /2017 Forex