On Friday, the U.S. dollar failed to maintain its gains vs. a basket of major currencies after, weaker-than-expected U.S. economic data showed concerns about whether the Fed. Would change rates this year or keep them unchanged.
Meanwhile, an official data showed US retail sales up 0.4% in April and U.S. inflation rose 2.2% from 2.4% in March.
Euro managed to pare its losses vs. USD and was traded at $1.0930, thanks to a soft USD move. Technically, the common currency could trade sideways especially after the previous week that was highly influenced by Macron's victory.
Nevertheless, attention remains towards closing the price gap of $1.07.
The Greenback declined to ¥113.20 as investors flee to save-haven currency in consequence geopolitical concerns. USD could further decline with the global cyber-attack happening.
On the other hand, UK’s National Health Service and the Russian government were severely impacted in Friday’s cyber-attack.
Gold pared losses and settled near $1,230. The precious metal could get support and hit $1,240 as traders might shift to save-haven assets amid ongoing political tensions between North Korea and U.S. and considering global cyber-attacks.
Oil prices settled during last week's trading session on talk of Extending Production Cuts. Meanwhile, crude settled below $48 as U.S. inventories declined.
The most important economic events:
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.