USD/JPY (US Dollar/Japanese Yen) Strong Sell: Currency in Focus and Technical Analysis (15-Minute Chart) - May 24, 2024

EUR/USD (Euro/US Dollar) Strong Buy EUR/USD has slightly declined and is testing around 1.0800. Investors are focused on Germany's Q1 GDP, which showed a year-on-year decrease of 0.9% and a quarter-on-quarter increase of 0.2%, as expected. Following the release of the Fed's May meeting minutes, the likelihood of a rate cut in September has decreased, and the week's session is expected to end negatively. Eurozone business activity statistics provided temporary support, but strong US business activity results triggered selling. Germany's manufacturing PMI rose from 42.5 to 45.4, and the services PMI increased from 53.2 to 53.9.

GBP/USD (British Pound/US Dollar) Buy GBP/USD is almost flat around 1.2690. The UK's April retail sales significantly missed expectations, decreasing from -0.2% to -2.3% month-on-month. Business activity statistics showed the manufacturing PMI rising from 49.1 to 51.3, while the services PMI fell from 55.0 to 52.9. In the US, the manufacturing PMI rose from 50.0 to 50.9, the services PMI from 51.3 to 54.8, and the composite PMI from 51.3 to 54.4.

NZD/USD (New Zealand Dollar/US Dollar) Buy NZD/USD is showing uncertain negative movement around 0.6100. New Zealand's consumer confidence index rose from 82.1 to 84.9, exports increased from 638 million NZD to 642 million NZD, and imports rose from 590 million NZD to 632 million NZD, widening the trade deficit from -998 million NZD to -1.011 billion NZD. Strong US business activity results from the previous day supported the US dollar.

USD/JPY (US Dollar/Japanese Yen) Strong Sell USD/JPY is continuing an upward trend around 157.10. Japan's national CPI for April decreased from 2.7% to 2.5% year-on-year, and the CPI excluding food and energy dropped from 2.9% to 2.4%. Japan's business activity statistics showed the manufacturing PMI rising from 49.6 to 50.5. In the US, the manufacturing PMI rose from 50.0 to 50.9, the services PMI from 51.3 to 54.8. Initial jobless claims decreased more than expected, supporting the US dollar.

XAU/USD (Gold/US Dollar) Buy XAU/USD has slightly recovered and is testing around 2370.00. The Fed minutes indicated that it may take longer for inflation to reach the 2.0% target, reducing the outlook for rate cuts and strengthening the US dollar. Changes in the Middle East situation and China's military exercises around Taiwan are causing geopolitical risks, impacting gold prices.