US FX Handover: White House in Damage Control Mode on Trade
Matt Weller, CFA, CMT May 14, 2019 4:08 PM
See a summary of the top FX themes and trends from today's US session!
- US policymakers were in damage control mode after yesterday’s big risk-off move. Treasury Secretary Mnuchin suggested that he could visit China “soon” to continue trade talks, while President Trump said that talks had not collapsed and described the disagreement as a “squabble.”
- The kiwi and loonie were the strongest majors on the day. The pound brought up the rear after PM May announced she would bring forward a Brexit withdrawal bill in the week of June 3.
- EUR/USD is consolidating in a triangle pattern within its larger bearish trend.
- Bitcoin burst above $8k before reversing back toward yesterday’s close – a possible “inverted hammer” top in the making?
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