Good Bye May Hello June the USD remains bid

Stuart Cowell HFM

EURUSD, Monthly

It was a Merry old May for US dollar bulls as the Greenback accrued against its major competitors, the trade weighted USDIndex was up 2.5% closing at 93.93 last night. EURUSD fell over 360 pips, and is down over 2.7% year to date, Cable gave up over 460 pips and is down 1.8% year to date. Two of the three commodity currencies CAD and NZD also lost ground (118 pips and 37 pips respectively). The JPY , CHF and AUD all posted gains for the month but they were limited (53, 37 and 49 pips respectively). The USD is now up year to date against all of the majors, save the JPY where it is posting a 3% loss.

Of the emerging market currencies we monitor, year to date the USDTRY is +20%, the USDZAR is +2.5% , USDRUB is +7.8% and the USDCNH -1.55%.

Gold and Oil both had volatile months with Gold losing over $16.00 to close under $1,300 which leaves it flat year to date with more pressure to the downside. USOIL lost $1.45 to close at $67.10, but year to date is up over 10% from $60.60 and remains in a strong uptrend.

Author

Stuart Cowell

HFM

With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, c

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