Currency Updates:
U.S. Dollar Trading (US) remained under pressure with rising stocks and easing European fears helping encourage most majors higher. USD/CHF hit all-time lows with the Swiss strengthening on a combination of relative safety and USD weakness. May UoM increased 1.9 points to 74.3. In US stocks, DJIA +38 points closing at 12441, S& P +5 points closing at 1331 and NASDAQ +13 points closing at 2796. Looking ahead, Bank Holiday for Memorial Day.
The Euro (EUR) was able to shrug off concerns that the Greece bailout will be revoked with Greece reportedly missing fiscal saving targets. Strong risk appetite is supporting the Euro but EUR/GBP and EUR/CHF selling suggest broad underperformance. Overall the EUR/USD traded with a low of 1.4184 and a high of 1.4325 before closing the day around 1.4310 in the New York session.
The Japanese Yen (JPY) fell below Y81 on Dollar weakness but was relatively unchanged on most of the crosses. April CPI was strong at 0.6% vs. -0.1% previously. US data is still very important for the major and is responsible for most of the direction. Overall the USD/JPY traded with a low of 80.70 and a high of 81.30 before closing the day around 80.90 in the New York session.
The Sterling (GBP) surged towards 1.6500 on the back of solid GBP/JPY buying and EUR/GBP selling. House Prices are under pressure still in the UK with October HPI falling -3.7%y/y. Overall the GBP/USD traded with a low of 1.6204 and a high of 1.6515 before closing the day at 1.6440 in the New York session. Looking ahead, Bank Holiday.
The Australian Dollar (AUD) did well tracking commodities higher to break above 1.0700 and well positioned to move higher after testing the downside for the past two weeks. AUD/NZD is a big mover to the downside with NZD/USD hitting 3 year highs on Friday. Overall the AUD/USD traded with a low of 1.0648 and a high of 1.0717 before closing the day at 1.0680 in the New York session.
Oil & Gold (XAU) broke above $1530 to hit multi week highs. Overall trading with a low of USD$1518 and high of USD $1537 before ending the New York session at USD$1535 an ounce. Was stable above $100 ending slightly higher. WTI Oil Closed +$0.36 at $100.60 a barrel.
