Header Ads

Don't miss

Forex Morning Overview: 17 May 2017

The U.S. dollar fell in Asia on Wednesday with the chaotic U.S. political situation weighing on expectations for economic policies favoring tax cuts and higher spending and as key lawmakers call for a memo reportedly written by former FBI director James Comey on Trump discussing an active investigation to be released.
Japan reports core machinery orders for March with a 0.6% gain seen year-on-year and a 2.1% increase expected month-on-month. Australia will also update on its wage price index for the first quarter with a gain of 0.5% seen quarter-on-quarter and 1.9% year-on-year.

Elsewhere, China’s central bank made its biggest one-day cash injection into the markets on Tuesday to soother confidence after a recent campaign to tamp down speculative investing fueled by debt.The People’s Bank of China pumped a net 170 billion yuan ($24.7 billion) into the financial system via its daily money-market operation, the largest amount since just before the Lunar New Year holiday in January.

Overnight, the dollar slumped against a basket of major currencies on Tuesday, after reports surfaced that President Donald Trump shared sensitive intelligence obtained from a close ally with Russian officials at the White House last week.

This latest U.S. political saga, came a week after Trump abruptly fired Comey, and added to concerns that ongoing political turmoil in Washington could prove a distraction to the Trump administration and delay its plans to move forward with its economic agenda, which includes tax reform and deregulation.
Gold prices edged higher on Tuesday, as U.S. political jitters weighed on the dollar, while mostly downbeat economic data dampened expectations of a rebound in second-quarter U.S. economic growth.

A mixed bout of economic data weighed on the greenback, after U.S. housing data fell short of expectations while industrial production expanded at the fastest pace in more than three years.

Fi24h Editorial Board
Latest Articles on Elliott Wave Analysis

No comments

- You can insert images into your comments with the following syntax: [img]Image URL[/img]
For example: [img]http://www.fi24h.com/images/myimage.png[/img]
- Comments containing links will be deleted after being moderated.

Powered by Blogger.