Daily Forex News and Analysis — May 11th 2017

Wall Street finished mixed as investors are still concerned over president Trump’s economic policy. The Dow Jones fell by 0.16%, the S&P 500 rose by 0.11% and the NASDAQ added 0.14% to its value. The US dollar traded mixed against the other major currencies despite the Import Prices and the Federal Budget Balance coming out better than expected at 0.5% and 182.4 billion respectively. Today, the PPI and the Unemployment Claims are expected at 0.2% and 245K respectively. Gold fell by 0.42%, closing at $1,218 an ounce. Crude Oil rose by 3.27%, to close at $47.38 a barrel.

The euro fell by 0.06% versus the dollar, closing at 1.0867. On the 1-hour chart, the pair is holding above the support level at 1.0850 with the RSI below 50. Breaking below the support may drop the pair towards 1.0750, while failure may start a reversal towards 1.0980. Today, the German WPI is expected at 0.1% vs. 0% previously. The pound fell by 0.03% versus the dollar, to close at 1.2931. On the 1-hour chart, the pair is trading in an ascending triangle with the RSI below 50. Should it succeed in breaching the upper side of the triangle, a rise towards 1.31 can be expected. However, crossing below the lower side may push the pair down towards 1.28. Today, the Official Bank Rate is expected unchanged at 0.25%.

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