US FX Handover – 23 April 2019
Matt Weller, CFA, CMT April 23, 2019 3:55 PM
- US economic data was mixed, but the US dollar nonetheless rallied against all its major rivals except for the yen. The dollar index is now testing a key resistance level at its 10-month high.
- As Parliament returns from Easter recess, reports suggest that backbench leader Graham Brady has threatened to change the party rules to oust PM Theresa May. The pound took the news in stride, finishing in the middle of the major currency pack as GBP/USD consolidates between support and resistance.
- In other news, China may be scaling back its stimulus program and President Trump threatened to reciprocate tariffs on the EU, potentially signaling the next front in the ongoing trade war.
- The loonie was the weakest major currency on the day, despite a rally in oil prices, followed by the Swiss franc (see our latest analysis on EUR/CHF)
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