{"id":28748,"date":"2022-05-24T08:33:00","date_gmt":"2022-05-24T07:33:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=28748"},"modified":"2022-05-27T12:58:16","modified_gmt":"2022-05-27T11:58:16","slug":"us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/","title":{"rendered":"US dollar weakness is supporting the pound ahead of key resistance"},"content":{"rendered":"\t\t
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Market Brief<\/strong><\/p>

Rising Covid cases in China and a false start in the reduction in US-China trade tariffs being unwound has put a stop on the bounce back in the major equites\u2019 indices. Those trying to keep the bullish momentum going at the start of the London session include the Nasdaq futures<\/a> and the German DAX<\/a>. The FTSE<\/a> is lower as news comes out the UK government plans to introduce a bill to override the Northern Ireland protocol in the Brexit deal within three weeks.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The pound is still relatively string against the US dollar despite the Brexit\/N.I. uncertainty as GBPUSD<\/a> trades around yesterday\u2019s high and near the liquidity above 1.2630. This morning\u2019s early UK data included UK government borrowing for April. This came in close to expectations and down from \u00a323.4bn at the same point a year ago.<\/p>

Yesterday we highlighted today as being all about new information that will come from the Flash PMI\u2019s. We have European, UK and USA flash data today, so I am expecting some volatility at the data release. However, tomorrow the markets focus will be on the FOMC meeting minutes, so we must prepare for a spike and retrace in most major forex pairs today. The May readings will again be impacted by the Ukrainian crisis and by Covid restrictions in China but, overall, expectations are for some good numbers.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The NZDUSD<\/a> is trading inside yesterday\u2019s range ahead of the upcoming RBNZ rate decision. The worry is that the RBNZ don\u2019t deliver on the expected 50bps and maybe drop down to 25bps. The forex heatmap also shows that the commodity pairs are losing out to the safe havens of the Japanese yen<\/a> and Swiss franc<\/a>, while the euro gains ahead of the days coming data. The euros<\/a> move seems to be stemming from the publication of a blog post by European Central Bank President Lagarde, which pointed to interest rises of 50bp by late September.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The yen\u2019s rise despite the drop in Japanese Jibun Manufacturing PMI data signals that the market is worrying about other geopolitical concerns, which will include the war in Eastern Ukraine and Chinese lockdowns.<\/p>

Today is going to be full of Flash PMI data but also central bankers speaking at different events. The last to speak will be ECB President Lagarde at 7pm (BST) but before that we have Fed Chair Powell providing a pre-record statement at 5.20pm (BST).<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The US dollar index<\/a> is now trading below $102 having found resistance from the previous market structure low. This opens a move lower towards $100 and the March-April balance area. A lower US dollar will help lift the commodity pairs assuming the Flash PMI\u2019s from around the world come in as expected, so I am hoping the late London session, into the US session becomes more risk-on.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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I\u2019ll be keeping an eye on yesterday\u2019s low in the S&P500<\/a> as that may be the early signal that the bullish sentiment, or relief rally is fully over in the US equities. If we can trade above yesterday\u2019s high without breaching the low this will be the 3rd<\/sup> consecutive day of higher highs and higher lows but will be running into the 4004.16 key resistance level from the 17th<\/sup> of May.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Brief Rising Covid cases in China and a false start in the reduction in US-China trade tariffs being unwound has put a stop on the bounce back in the major equites\u2019 indices. Those trying to keep the bullish momentum going at the start of the London session include the Nasdaq futures and the German […]<\/p>\n","protected":false},"author":5,"featured_media":28750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[14,18,57,20,40,279],"yoast_head":"\nUS dollar weakness is supporting the pound ahead of key resistance - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US dollar weakness is supporting the pound ahead of key resistance US dollar weakness is supporting the pound ahead of key resistance\" \/>\n<meta property=\"og:description\" content=\"Today is full of Flash data points so we should expect some market moves. However, the Davos WEF meetup and central bank speakers are still likely to cause some opportunities for mean reversion trades back into the ranges ahead of the FOMC meeting minutes tomorrow.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-24T07:33:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-27T11:58:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/05\/rsz_gettyimages-816633150.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"467\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"US dollar weakness is supporting the pound ahead of key resistance US dollar weakness is supporting the pound ahead of key resistance\" \/>\n<meta name=\"twitter:description\" content=\"Today is full of Flash data points so we should expect some market moves. However, the Davos WEF meetup and central bank speakers are still likely to cause some opportunities for mean reversion trades back into the ranges ahead of the FOMC meeting minutes tomorrow.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"US dollar weakness is supporting the pound ahead of key resistance\",\"datePublished\":\"2022-05-24T07:33:00+00:00\",\"dateModified\":\"2022-05-27T11:58:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\"},\"wordCount\":580,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"DAX\",\"EURUSD\",\"FTSE100\",\"GBPUSD\",\"US DOLLAR INDEX\",\"USA500\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\",\"url\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\",\"name\":\"US dollar weakness is supporting the pound ahead of key resistance - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2022-05-24T07:33:00+00:00\",\"dateModified\":\"2022-05-27T11:58:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-weakness-is-supporting-the-pound-ahead-of-key-resistance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US dollar weakness is supporting the pound ahead of key resistance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\",\"name\":\"Neville Hornsey\",\"description\":\"Neville Hornsey holds a BA Honours 2.1 in Professional Media and has been a professional trader since 2007. 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