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Survey of CEOs find a quarter of UK workplaces expect to reduce headcount next year.
The British pound has gone back and forth during the course of the session on Monday in relatively quiet trading as we continue to look to the upside.
The Canadian dollar was little changed against its U.S. counterpart on Monday, consolidating some recent gains as Wall Street edged lower and domestic data showed activity easing in Canada's red-hot housing market in April. Canadian home sales fell 12.5% in April from March, with the average selling price also declining slightly on the month, data from the Canadian Real Estate Association showed. Separate data from the Canadian Mortgage and Housing Corporation showed housing starts falling 19.8%.
The Euro has gone back and forth during the Monday trading session as it looks like the 1.22 level is going to cause a bit of resistance.
* Canadian home sales fall 12.5% in April from March * Housing starts decline 19.8% in April * Price of U.S. oil rises 0.2% * Canadian bond yields rise across a steeper curve TORONTO, May 17 (Reuters) - The Canadian dollar was little changed against its U.S. counterpart on Monday, consolidating some recent gains as Wall Street edged lower and domestic data showed activity easing in Canada's red-hot housing market in April. Canadian home sales fell 12.5% in April from March, with the average selling price also declining slightly on the month, data from the Canadian Real Estate Association showed. Separate data from the Canadian Mortgage and Housing Corporation showed housing starts falling 19.8%.
The Australian dollar has initially tried to rally on Monday but then pulled back just a bit to test the 50 day EMA yet again.
EUR/USD is trying to get to the test of the resistance at 1.2155.
GBP/USD is trying to move higher at the beginning of the week.
The direction of the NZD/USD on Monday is likely to be determined by trader reaction to the main 50% level at .7204 and the 61.8% level at .7266.
The dollar edged higher in early European trade Monday, with this safe haven supported by concerns over fresh Covid-19 outbreaks in some Asian countries. “This means that in the coming months, the prime USD drivers should be deeply negative front-end real rates and the rebounding global economy.”
Economic data from China came up short of forecasts early this morning. With the economic calendar on the lighter side, stats from the U.S will put the Dollar back in focus.
The dollar on Monday held steady near recent lows as new restrictions in Asia to contain COVID-19 and mixed economic signals from China supported safe-haven currencies, while bitcoin extended its slide. The steady U.S. 10-year Treasury yield, along with new outbreaks in Singapore and Taiwan provided some support the dollar against a basket of rival currencies. "The U.S. dollar is lacking the support from yields that it needs to turn this weakness around," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.
By Gina Lee
Consumer champions at Which? found prices for the same holiday cottages on the same dates can vary by hundreds of pounds and include significantly different booking terms.
Brexit minister David Frost urged European officials to work with Britain to solve problems arising from the so-called Northern Ireland (NI) protocol, which draws a trade border in the Irish Sea.
The higher than expected US CPI spurred a jump in rates and the greenback, but it proved to be little more than a bull trap. The dollar's upside momentum faded even before the large miss on retail sales ahead of the weekend.
The Yen, Aussie and Kiwi whipsawed as investors betting on a rebounding economy squared off against those fearful of inflation.
Prime minister Boris Johnson also said in a press conference on Friday that the variant could pose a 'serious disruption' to life returning to some normality in England on 21 June.
Soft commodities got a bit ahead of themselves and are currently in a process of some mean reversion, but the metals market held up well because of geopolitical stress.
It’s a busier week ahead on the economic calendar. Private sector PMIs will draw plenty of interest late in the week. Geopolitics will also be in focus in the week.
Speculators have raised their bullish bets on the Canadian dollar to the highest since November 2019, data from the U.S. Commodity Futures Trading Commission showed. As of May 11, net long positions had increased to 38,629 contracts from 25,947 in the prior week.
USD/CAD declined below the support at 1.2130 and tested the next support level at 1.2100.
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the First Trust Health Care AlphaDEX Fund ETF (FXH), we found that the implied analyst target price for the ETF based upon its underlying holdings is $127.06 per unit.
Ira Epstein reviews the day's trading in the metal markets for the trading day just ended, Tuesday, May 11.