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EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

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Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

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Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

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Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

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  • still bullish $Oil, really big spot on lt charts 1. Monthly - same zone of res that's held highs in 2019, 2020 and now 2021 2. Weekly - Resistance tl from 08-present broken, support mid-march to april 3. Daily - tl setting up ascending triangle - breakout potential #oott https://t.co/VpS9ETziS5
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.95% Silver: 1.16% Gold: 0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vtxMup7wY2
  • Heads Up:🇨🇦 BoC Senior Loan Officer Survey due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-14
  • The University of Michigan consumer confidence update for May dropped unexpectedly from 88.3 to 82.8 (expected to hit 90.4). The inflation expectations component carries forward this week's price pressure message with 1-year outlook up jumping 1.2 ppt to 4.6%
  • 🇺🇸 Michigan Inflation Expectations Prel (MAY) Actual: 4.6% Previous: 3.4% https://www.dailyfx.com/economic-calendar#2021-05-14
  • 🇺🇸 Michigan 5 Year Inflation Expectations Prel (MAY) Actual: 3.1% Previous: 2.7% https://www.dailyfx.com/economic-calendar#2021-05-14
  • 🇺🇸 Business Inventories MoM (MAR) Actual: 0.3% Expected: 0.3% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-05-14
  • 🇺🇸 Michigan Consumer Sentiment Prel (MAY) Actual: 82.8 Expected: 90.4 Previous: 88.3 https://www.dailyfx.com/economic-calendar#2021-05-14
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.18%, while traders in France 40 are at opposite extremes with 71.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L7IS0WCUpK
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.80% Silver: 1.33% Gold: 0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/6wzbSzSjZe
Euro, US Dollar Trends Nearing a Turning Point?

Euro, US Dollar Trends Nearing a Turning Point?

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro at risk as economic data, ECB comments test resilience
  • US Dollar eyeing FOMC, Q2 GDP data as rate hike bets fade
  • Pound may fall as GDP figures show Brexit uncertainty impact

What will drive longer-term market trends? See our forecasts here!

The Euro has managed to defy a run of softer economic data outcomes and a dovish ECB in recent weeks. That resilience will be tested anew as flash PMI and CPI figures cross the wires and the central bank's Director General for Economics Frank Smets sounds off.

The US Dollar will look for a lifeline in the FOMC policy announcement and second-quarter GDP figures having tumbled amid fading rate hike speculation. A status-quo statement from the rate-setting committee coupled with recovering growth may see investors rethink bets on a dovish pivot from Chair Yellen and company.

GDP numbers for the three months through March are also due from the UK. A slowdown in the on-year growth rate is expected, which may suggest that the cooling effects of Brexit-related uncertainty are finally starting to emerge. That may dim near-term BOE rate hike prospects, sending the Pound lower.

Australian CPI figures are forecast to show the headline inflation rate rose to 2.2 percent in the second quarter, making a three-year high. The outcome may do little for the Aussie Dollar however as markets discount the likelihood of RBA tightening after Deputy Governor Debelle forcefully pushed back on such notions last week.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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