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US Market Snapshot via IG: DJIA +0.2%, Nasdaq 100 +0.4%, S & P 500 +0.2%
Major Headlines
China slashes import tariffs on autos BoE's Vlieghe sees 1 or 2 rate hikes per year as appropriate Italy's 5 Star and League leaders are seeking EU critic Savona as Economy Minister EUR : The had been firmer for much of the morning, reaching a high of 1.1829 on the back of falling Italian bond yields. However, the Euro later reversed gains after reports that the 5 Star and League leader are seeking Paolo Savona as the Economy Minister, someone who has been somewhat critical about the EU. EURUSD to continue to remain supported above 1.17, while YTD lows reside at 1.1717.
GBP : This morning, four BoE speakers (Carney, Saunders, Ramsden and Vlieghe) discussed the latest inflation report at the Treasury Select Committee with the most notable comment coming from Vlieghe, stating that noting that interest rates are likely to rise around 0.25%-0.50% over the 3yr forecast period. Subsequently, this nudged GBP higher, however fell short of breach 1.35, market pricing largely unchanged post the TSC with focus on the upcoming key data points.
AUD: The Australian Dollar remains supported amid the easing of trade tensions between the US and China, AUDUSD above 0.7600 briefly. Reports earlier today stated that China are to cut import tariffs on autos in a sign that US and China could be heading towards a potential trade agreement. AUDNZD pressing higher for better levels, 1.10 remains the near-term target on the upside.
: Tuesday, May 22, 2018 North American Releases
: Tuesday, May 22, 2018
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' by James Stanley, Currency Strategist ' by Martin Essex, MSTA , Analyst and Editor ' by Paul Robinson, Market Analyst ' by Justin McQueen, Market Analyst ' by Paul Robinson, Market Analyst The DailyFX US AM Digest is published every day before the US cash equity open - you can to receive this report in your inbox every day.
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--- Written by Justin McQueen, Market Analyst
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