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Thursday, May 21st
The Australian dollar was higher against the U.S. dollar during the Asian session earlier today hitting the level of 0.7911 with further correction to 0.7887. The MI Inflation Expectations in Australia were 0.02% higher compared to the reading of the previous month. Yesterday’s Federal Reserve minutes showed that interest rate hike is unlikely in June, which contributed to a slight weakening of the greenback. Currently, the aussie is up 0.09%.
On Wednesday, the U.S. dollar index fell 0.1% against the basket of major currencies. Currently, the index is at 95.69. Retail traders will be watching The Philadelphia Federal Reserve Manufacturing Index report, as it might contribute to a short-term price fluctuation of the dollar.
The single currency was up earlier today reaching the 1.11295 level, but the euro continued its recent fall currently traded at 1.1100. The markets are viewing the German Manufacturing PMI and Mario Draghi’s speech due later in the day. The EUR/USD pair might retest 1.1047 whilst below 1.1138.
GBP/USD was declining earlier this week, so the market is paying attention to the U.K. Retail Sales MoM, which is likely to affect the pair’s intraday movement. GBP/JPY declined ahead of today’s news from the UK.
China’s HSBC Manufacturing PMI was out in the morning with worse than expected reading of 49.1 indicating the continuing deterioration of the business conditions in China.
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