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MARKET DEVELOPMENT –US Dollar Rises on Retail Sales, Gold and JPY Gain on Safe-Haven Flows

DailyFX Q2 2019 FX Trading Forecasts

USD: A bounce in the greenback after the relatively robust retail sales data, which saw the retail sales control beat analyst estimates. In turn, this has seen a pullback in Fed easing expectations, which in effect raises the question as to whether the market is too aggressively priced for rate cuts.

Gold: Gold prices are soaring this morning following the break above its 2019 high ($1346) and as such is on course for its 4th consecutive weekly gain. The latest catalyst behind this morning’s jump in gold looks to be more technical, having broken above the prior YTD high. (full analysis)

JPY: The Japanese Yen is up marginally with the risk aversion providing support for the safe-haven. 108.00 remains the stumbling block for further JPY gains for now, as USDJPY holds a relatively tight range.

SEK: Firmer footing for the Swedish Krona to close out the week, gaining against the USD and EUR following this mornings inflation report, which surprised to the upside. However, while this puts the Riksbank at ease, it is unlikely to raise expectations that the central bank would raise interest rates anytime soon.

US Dollar Rises on Retail Sales, Gold and JPY Gain on Safe-Haven Flows - US Market Open

Source: DailyFX, Thomson Reuters

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US Dollar Rises on Retail Sales, Gold and JPY Gain on Safe-Haven Flows - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Bitcoin (BTC) Price Probing a Fresh 13-Month High” by Nick Cawley, Market Analyst
  2. Gold Price Analysis: Fresh 2019 Highs Sees 5yr Trendline on Verge of Breaking” by Justin McQueen, Market Analyst
  3. Dow Jones and S&P 500, Consolidate or Roll Over?” by Paul Robinson, Currency Strategist
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX