US FX Handover – 26 April 2019
Matt Weller, CFA, CMT April 26, 2019 3:47 PM
- US GDP printed at 3.2%, well above 2.2% expected, but the beat was driven heavily by unsustainable boosts from trade and inventories, as well as weaker-than-expected inflation.
- SCMP reported that Chinese President Xi “could” travel to the US to sign a trade deal “as early as June” – color us skeptical until a formal announcement is made.
- The CFTC’s Commitment of Trader report shows that euro shorts rose to their highest level since 2016.
- WTI fell nearly 3% on the day to 63.30 after President Trump claims he “called OPEC” to lower prices. The commodity has now broken below the bullish trend line that pushed prices higher throughout the first four months of the year.
- The New Zealand dollar was the strongest major currency today, while the US dollar and Japanese yen brought up the rear.
*No market-moving macroeconomic data is scheduled for release in Monday’s Asian session
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