So it would seem that the US has a bit of staying power.....The US currency stayed pretty close to 2 month highs vs. both the Euro and the Yen on the heels of crude prices continuing to fall and US equities continuing to strengthen. Helping the matter was hawkish talk by the Dallas Fed President Fisher, who stated that the Fed feels that inflation is the ''bigger'' risk right now, further adding fuel to the fire that the Fed may be raising rates by year end. Across the pond, the ECB's Trichet was hawkish as well as he seemed to support higher Euro levels. So as the proverbial ''verbal see-saw'' played out, EUR/USD started off in Asia up near its session highs of 1.5525 and collapsed to a 1.5504 level before gaining momentum again to the 1.5526 levels.
USD/JPY caught a Dollar bid early on the back of poor unemployment numbers touching 105.72 before easing out of the session about 30 pips lower. EUR/JPY took a slide from early 164.02 highs and ended the session near its lows of 163.60.
In the U.K., GBP/USD started the night out on its 1.9770 highs, hit the low 35 pips lower, and then was right back where it started, at 1.9770. A strong showing for the pair despite its lowest consumer confidence since Margaret Thatcher was in office, back in 1990.
German Retail Sales to follow in the London session tonight, enjoy the weekend....
Upcoming Economic Data Releases (London Session):
- 30-May 6:00 GE Retail Sales (MoM) APR -0.10% 0.60%
- 30-May 6:00 GE Retail Sales (YoY) APR -6.30% -2.00%
- 30-May 6:45 FR Producer Prices (MoM) APR 0.50% 0.60%
- 30-May 6:45 FR Producer Prices (YoY) APR 5.20% 5.10%
- 30-May 7:00 SZ SNB's Roth, Kohli Speak at Conference in Geneva
- 30-May 9:00 EC Euro-Zone CPI Estimate (YoY) MAY 3.30% 3.50%
- 30-May 9:00 EC Euro-Zone Unemployment Rate APR 7.10% 7.10%
- 30-May 9:30 SZ KOF Swiss Leading Indicator MAY 1.2 1.09
