DAILY MARKET OUTLOOK on Major
Update Time: 21 May 2020 03:30GMT
EUR/USD – 1.0975
Yesterday’s gain to a near 3-week high of 1.0999 due to broad-based usd’s weakness in New York suggests re-test of May’s 1.1018 peak may be seen, however, loss of upward momentum should prevent strong gain and reckon 1.1040/50 would cap upside and yield a much-needed correction of recent rise.
A daily close below 1.0919 signals top is in place, then risk would shift to downside for stronger retracement to 1.1896, then towards 1.0850 next week.
Data to be released on Thursday:
Australia manufacturing PMI, services PMI, Japan exports, imports, trade balance, Jibun Bank manufacturing PMI.
France market holiday, Markit manufacturing PMI, Markit services PMI, Germany market holiday, Markit manufacturing PMI, Markit services PMI, Swiss market holiday, EU Markit manufacturing PMI, Markit services PMI, UK manufacturing PMI, services PMI, CBI trends orders.
Canada new housing price index, and U.S. initial jobless claims, Philadelphia Fed manufacturing index, Markit manufacturing PMI, Markit services PMI, existing home sales, leading index change.