May 21st, 2018: Dollar Soars on China-US Trade War Hopes
May 21, 2018 8:11 am
Morning Report: 07.00 London
This morning, the US dollar continues to dominate, with added fuel coming from hopes for a China-US trade deal. The US dollar index has hit its highs levels for the year as dollar pairs remain under pressure.
The EUR/USD is lower again, touching 1.1700 and falling for the sixth day in a row. The GBP/USD is under performing this morning, falling to its lowest level for 2018. The EUR/GBP rallied for the third day in a row.
Meanwhile, the Aussie dollar has gapped higher against the US dollar on hopes that the US-Chinese trade war won’t disrupt the Aussie economy. The AUD/JPY continues to trade higher after gapping at the opening.
The yen pairs generally continue to climb, breaking 111.00 as the dollar dominates and the yen takes a back seat. The EUR/JPY is higher amid choppy trading, while the GBP/JPY gapped higher at the open, but still lags its peers.
Coming up today
We have a quiet day ahead today.
Trade Idea
Gold continues to soften as dollar pressure continues to drive the precious metal lower.
Morning Report: 07.00 London
This morning, the US dollar continues to dominate, with added fuel coming from hopes for a China-US trade deal. The US dollar index has hit its highs levels for the year as dollar pairs remain under pressure.
The EUR/USD is lower again, touching 1.1700 and falling for the sixth day in a row. The GBP/USD is under performing this morning, falling to its lowest level for 2018. The EUR/GBP rallied for the third day in a row.
Meanwhile, the Aussie dollar has gapped higher against the US dollar on hopes that the US-Chinese trade war won’t disrupt the Aussie economy. The AUD/JPY continues to trade higher after gapping at the opening.
The yen pairs generally continue to climb, breaking 111.00 as the dollar dominates and the yen takes a back seat. The EUR/JPY is higher amid choppy trading, while the GBP/JPY gapped higher at the open, but still lags its peers.
Coming up today
We have a quiet day ahead today.
Trade Idea
Gold continues to soften as dollar pressure continues to drive the precious metal lower.
There is more downside potential from here and good way to play this is a LOWER trade predicting that gold will close below $1275 in 21 days for a potential return of 179%.
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