DAILY MARKET OUTLOOK on Major
Update Time: 19 May 2020 03:30GMT
EUR/USD – 1.0916
Euro’s intra-day rally above last week’s 1.0896 high in New York session due to risk-on trade following joint German-French announcement of a EU recovery fund to as high as 1.0926 suggests further ‘gyrations’ inside recent 1.1018-1.0767 broad range would continue.
As long as 1.0875/85 holds, upside bias remains, however, overbought condition should cap price at 1.0980/90. Below 1.0850 signals top is made and heads back to 1.0801/05 later.
Data to be released on Tuesday:
New Zealand PPI, GDT price, Japan industrial output, capacity utilization, UK claimant count, ILO unemployment employment change, average weekly earnings.
Germany ZEW economic sentiment, ZEW current conditions, EU construction output, ZEW survey expectation,.
U.S. building permits, housing starts, redbook and Canada new housing price index.
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