USD at 2-week safe haven high

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Daily News – 12 May 2020

By: Stuart Cowell

USD at 2-week safe haven high – 2nd Wave worries (China, South Korea & Tokyo) – AUD sinks – Bond Yields up. Equities closed flat and are lower in Asia. Kuroda talks down recession and says no municipal bonds. China suspends Beef imports from Aus – increasing tensions re Aussies lead in calling for Virus inquiry. OIL rallies after Saudi, Kuwait & UAE all add to their agreed production cuts. CNY inflation overnight missed expectations.

USDIndex – back over 100 yesterday – rallied to 100.50 – now 100.26. R1 100.40, PP 99.90
EUR – under 1.0800 earlier (1.0788 S1) – now 1.0810 pp 1.0820
JPY – recovered 107.00 yesterday to peak at 107.75. Now 107.45. PP 107.30 R1 108.12
GBP – back to test 1.2300 yesterday and again this morning – now 1.2320. PP 1.2350, S1 1.2263
AUD – down from 0.6555 highs yesterday to 0.6435 lows today. Trades at 0.6470. S1 0.6442, PP 0.6500
CAD – from 1.3900 lows yesterday rallied to R1 & 1.4065. Trades now at 1.4035 – PP 1.3980
CHF – holds at 0.9720 (PP) and NZD also down to 0.6075
BTC – holds 8700 pivot

GOLD – pivots at 1700 again – down from 1710 R1 yesterday and above 1690 (S1) low
USOil rallied over $25.00 on the 1 million barrel per day extra cut from Saudi (production in June will be less than 7.5m b/d (18 yr low for the kingdom) – others likely to follow after Kuwait & UAE cut further USOil Trades at $24.50 pivot

Today – US CPI later & speeches from Harker & Quarles

Biggest (FX) Mover @ (06:30 GMT) AUDJPY (-0.30%) – (up from -0.80%) collapsed to 69.15 since recovered to 69.50. MA’s and Stochastics and RSI all now turned north. 20hr MA at 0.6960, PP 69.75. H1 ATR 0.1776, Daily ATR 0.8621


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