15.05.2019: Will USD reverse downward? (USDX, AUD, JPY)
The US dollar is trading steadily as the market is alert to economic data from the US and Europe.
Investors are gradually regaining risk sentiment. The US dollar firmed after Donald Trump insisted on Tuesday that the trade talks with China had not collapsed. The US dollar index was trading quietly in the Asian session. It held steady at 97.53.
The focal point for investors is the trade conflict. However, on Wednesday the economic calendar is loaded with macroeconomic data from the eurozone and the US. Investors will look for clues whether the worst is over for the global economy. The highlight of the day is data on US retail sales. The Australian dollar slumped following worse-than-expected growth in China’s industrial production and retail sales. The aussie sank to a more than four-month low and closed the Asian trade at 0.6928 against the US dollar.
The market showed a minor response to disappointing data from China. Industrial production eased an annual pace of growth to 5.4% in April from an 8.5% increase in March. Analysts did not expect such a dismal reading. Likewise, annual growth in retail sales slowed down to 7.2% from 8.7% a month ago, much worse than the forecast for 8.6% expansion. The downbeat data underlined the need for Beijing to roll out more stimulus measures to support the domestic economy.
The dollar/yen pair edged up to 109.64 in the Asian session. Despite efforts to gain ground, the pair is still in the grips of bears. Today data from the US could make an impact on the dollar/yen pair. If retail sales grow 0.5% or more, the pair will develop a rally which could get stuck at the level of 110.
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