News | Forex Optimum



USD/CNH: Downside momentum loses traction - UOB

FXStreet reports that UOB Group’s FX Strategists note the likeliness of further weakness in USD/CNH seems to be dwindling in the near term.

24-hour view: “USD subsequently traded within a 6.4688/1.4832 range before closing little changed at 6.4700 (-0.07%). The price actions offer no fresh clues and we continue to expect USD to trade sideways, likely between 6.4620 and 6.4820.”

Next 1-3 weeks: “In our latest narrative from last Thursday (29 Apr, spot at 6.4650), we highlighted that ‘boost in downward momentum could lead to further USD weakness towards 6.4410’. However, USD has not been able to make much headway to the downside and downward momentum is beginning to wane. From here, a break of 6.4900 (no change in ‘strong resistance’ level) would indicate that the negative phase has ended.”

You may also be interested:

22:29 14.05.2021
Key events for next week: Japan GDP, Britain and Australia unemployment rate, Britain and Canada consumer price index, Fed meeting minutes, eurozone, Britain and the United States PMI indices
On Monday, at 02:00 GMT, China will announce changes in fixed asset investment, industrial production and retail trade for April. At 06:00 GMT, Japan will announce a change in machine tool orders for April. At 06:30 GMT, Switzerland will publish the producer and import price index for April. At 10:00 GMT, in Germany, the Bundesbank's monthly report will be released. The Eurogroup will also meet on Monday. At 12:15 GMT, Canada will announce a change in housing starts for April, and at 12:30 GMT -
17:57 14.05.2021
Canada’s manufacturing sales increase in line with expectations in March
Statistics Canada released its Monthly Survey of Manufacturing, which showed that the Canadian manufacturing sales climbed 3.5 percent m-o-m in March to CAD57.84 billion (highest level since June 2019), following a revised 1.1 percent m-o-m drop in February (originally a 1.6 percent m-o-m decline). This marked the largest monthly increase in manufacturing sales since July 2020.Economists had anticipated a gain of 3.5 percent m-o-m for March. According to the survey, sales grew in 17 of 21
17:37 14.05.2021
U.S. business inventories increase 0.3 percent in March
The Commerce Department announced on Friday that business inventories rose 0.3 percent m-o-m in March, following a revised 0.6 percent m-o-m gain in February (originally a 0.5 percent m-o-m increase).That was in line with economists’ forecast for a 0.3 percent m-o-m advance. According to the report, stocks at wholesalers jumped 1.3 percent m-o-m, while inventories at manufacturers rose by 0.7 percent m-o-m. At the same time, stocks at retailers declined 1.4 percent m-o-m.
Bonuses VIP