US FX Handover: All Eyes on Aussie Ahead of RBA
Matt Weller, CFA, CMT May 6, 2019 8:57 PM
- Trade headlines dominated today’s trade, with President Trump tweeting that the US “won’t be losing anymore” on trade. Meanwhile, China still plans on sending a delegation to Washington this week, though its unclear whether top negotiator Liu He will make the trip.
- The Japanese yen was the strongest major currency today, while the British pound and New Zealand dollar were the weakest in risk-off trade.
- The Aussie finished in the middle of the major currency pack ahead of the RBA meeting in today’s Asian session.
- US stocks recovered off their overnight lows, but still closed lower on the day. The S&P 500 remains in a healthy bullish trend at the moment.
- Futures trader positioning is at its most bullish on the US dollar since 2015 – see more takeaways from the COT report.
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