China & AUD trade data better than feared

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Daily News – 7 May 2020

By: Stuart Cowell

ADP Employment -20 million as expected. China & AUD trade data better than feared, Chinese Service PMIs weaker. USD holds gains over 100.00 on weak EUR & GBP. JPY remains bid – Oil couldn’t hold $25 and Gold slipped to key support at 1685. Equities mixed – tech was up – S&P down 20 pts. TRUMP moves China pressure back to trade. “will know in a week or 2 if they are adhering to the deal”

USDIndex – back to 100.10 – PP at 100.05; (S1) 99.90 R1 100.40
EUR – German ruling & weak PMI weigh – under 1.0800 – PP 1.0804, S1 1.0770
JPY – Remains bid – back to work after 3 days – 106.00 touched yesterday trades at 106.30 (PP), – R1 106.45.
GBP – Lower ahead of BOE – 1.2400 breached yesterday – down to 1.2310 (S1) – back to 1.2550 now – pp 1.2380, R1 1.2415
AUD under 0.6400 yesterday to 0.6380 (S3) – trade data helped the recovery to 0.6440 (R1) – PP 0.6430
CAD rallied over 1.4100 from 1.4050 (S1) to 1.4170 (R1), trades now back to test 1.4100.
CHF rally over 0.9700 continues to 0.9755, R1 at 0.9766.
BTC – spiked to 9360 yesterday dipped to trade at 9270.

Gold again fell through 1700 yesterday and closed below 20 SMA – now trades at 1685 – PP 1692,
USOil Recovery continued broke key $25.00 and stalled – (inventories 4.6 mln bbl vs 8.5 expected) trades at $23.80, PP now raised to $24.00.

USA500 down 0.7% (20pts) at close – 2848 – FUTS up now at 2867. (Big surprise beat in Earnings from GM yesterday)

TODAY – BOE – no change & no surprises expected (a possible tweak to 645 GBP bond-buying facility? US, Weekly Claims – another 3 million jobless? & Speech from Ms. Lagarde,

Earnings from Raytheon, Uber, GoPro & Bristol-Myers Squibb
Biggest (FX) Mover @ (06:30 GMT) AUDJPY (+0.66%) – Rallied from 67.60, breached 68.00 and 20Hr MA moved up significantly now trades at 0.6877 and has tested 200MA. Fast MA’s aligned higher, RSI 58 and rising, MACD histogram & signal line negative but rising remains below 0 line. Stochastics moved into the OB zone. H1 ATR 0.17545, Daily ATR 0.8250.


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