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Dollar decline resumes after breather due to vaccine doubts, Fed remains in focus

Markets have stabilized and the risk-on mood has resumed, pushing the dollar and yen lower after the breather, a result of cooling down regarding vaccine and Federal stimulus hopes. Inflation figures, central bank talk, and speculation about the economic recovery are eyed.

Fed fatigue?: Jerome Powell, Chairman of the Federal Reserve, and Steven Mnuchin, the Treasury, gave a lengthy online testimony before a Senate committee, yet did not create any headlines. Powell continued nudging elected officials to provide more stimulus and White House Economic Adviser Kevin Hassett said it is under consideration.

UK: Chancellor of the Exchequer Rishi Sunak painted a gloomy picture of the British recession “the likes of which we have not seen” in a parliamentary session. GBP/USD seems unfazed, His comments came after the Claimant Count Change leaped above 800,000, far worse than expected. Inflation figures are set to show a substantial slide in April.

Andrew Bailey, Governor of the Bank of England, will face MPs later in the day. David Frost, the UK’s Chief Negotiator, accused the EU of offering a “low-quality deal.” His counterpart Michel Barnier also criticized Britain.

Eurozone: EUR/USD has been consolidating its gains, driven in part by the Franco-German agreement to boost the EU budget by €500 billion using bond issuance by the bloc. Phillip Lane, Chief Economist at the European Central Bank, said that his institution may adjust bond-buying.

The Canadain dollar is on the rise amid the better market mood and oil prices remain on the rise. Private inventory data has shown a surprising draw, supporting crude prices. Inflation figures for April are due out in Canada.

AUD/USD is holding up around 0.6550, just below the fresh highs, shrugging off preliminary retail sales figures for April that showed a plunge of 17.9%.

NZD/USD has resumed its upswing, in line with the market mood, and despite the Reserve Bank of New Zealand’s openness to set negative rates, albeit under specific conditions.

https://www.fxstreet.com/news/forex-today-dollar-decline-resumes-after-breather-due-to-vaccine-doubts-fed-remains-in-focus-202005200530

According to Trading Central (3rd party RIA) the EURUSD is long positions above 1.0915 with targets at 1.0975 & 1.0990 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10747111

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.0990
1€ 3,333.33€ 1,666.67€ 684.38
5€ 16,666.67€ 33,333.33€ 3,421.88
10€ 33,333.33€ 66,666.67€ 6,843.75
25€ 83,333.33€ 166,666.67€ 17,109.38
50€ 166,666.67€ 333,333.33€ 34,218.75

According to Trading Central (3rd party RIA) the AUDUSD is long positions above 0.6250 with targets at 0.6685 & 0.6850 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10747097

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 0.6685
1€ 2,986.86€ 1,493.43€ 1,323.13
5€ 14,934.29€ 29,868.58€ 6,615.62
10€ 29,868.58€ 59,737.16€ 13,231.25
25€ 74,671.45€ 149,342.89€ 33,078.12
50€ 149,342.89€ 298,685.78€ 66,156.25

According to Trading Central (3rd party RIA) the USDCAD is long positions above 1.3850 with targets at 1.4265 & 1.4530 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10743708

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.4265
1€ 3,044.14€ 1,522.07€ 2,127.78
5€ 15,220.70€ 30,441.40€ 10,638.88
10€ 30,441.40€ 60,882.80€ 21,277.75
25€ 76,103.50€ 152,207.00€ 53,194.38
50€ 152,207.00€ 304,414.00€ 106,388.75

 

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