This is what you need to know to trade today Friday May 31:
Following the volatile action seen on Thursday, major currency pairs remain stable in the early hours of Friday as investors prepare for the release of key data. Eurostat will publish the Harmonized Index of Consumer Prices (HICP) and the US Bureau of Economic Analysis will publish the Personal Consumption Expenditure (PCE) Price Index for May. Canada's first-quarter Gross Domestic Product (GDP) data will also be closely watched by investors.
Although safe haven flows continued to dominate financial markets on Thursday, the US dollar (USD) struggled to gain strength against its rivals as US Treasury yields corrected lower. After rising 0.5% on Wednesday, the USD Index fell 0.35% on Thursday before stabilizing slightly below 105.00 in the early hours of Friday.
US Dollar PRICE this week
The following table shows the percentage change of the US Dollar (USD) against the major currencies listed this week. The US Dollar was the strongest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.22% | 0.16% | -0.08% | -0.04% | -0.18% | -0.23% | -1.09% | |
| EUR | -0.22% | -0.08% | -0.27% | -0.25% | -0.46% | -0.54% | -1.27% | |
| GBP | -0.16% | 0.08% | -0.24% | -0.20% | -0.37% | -0.40% | -1.22% | |
| JPY | 0.08% | 0.27% | 0.24% | 0.00% | -0.12% | -0.06% | -1.04% | |
| CAD | 0.04% | 0.25% | 0.20% | -0.00% | -0.16% | -0.19% | -1.11% | |
| AUD | 0.18% | 0.46% | 0.37% | 0.12% | 0.16% | -0.00% | -0.86% | |
| NZD | 0.23% | 0.54% | 0.40% | 0.06% | 0.19% | 0.00% | -0.87% | |
| CHF | 1.09% | 1.27% | 1.22% | 1.04% | 1.11% | 0.86% | 0.87% |
The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen from the left column, while the quote currency is chosen from the top row. For example, if you choose the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change shown in the box will represent USD (base)/JPY (quote).
During Asian trading hours, data from China showed that the NBS Manufacturing PMI decreased to 49.5 in May from 50.4 in April. In the same period, the NBS non-manufacturing PMI fell to 51.1 from 51.2. These readings did not trigger an immediate reaction. At the time of publication, the AUD/USD was trading marginally higher on the day at 0.6640.
Retail sales in Germany decreased by 1.2% on a monthly basis in April, as reported by Destatis during the morning. This figure followed the 2.6% expansion recorded in March and was weaker than the market expectation of a 0.1% decline. He EUR/USD largely ignored this data and found itself fluctuating in a narrow channel above 1.0800.
After rising sharply on Wednesday, the USD/CAD It turned south and closed the day in negative territory below 1.3700 on Thursday. The pair continues to decline towards 1.3650 in the European morning on Friday. Canada's real GDP is projected to expand at an annual rate of 2.2%.
He USD/JPY It lost more than 0.5% on Thursday and appears to have entered a consolidation phase around 157.00 on Friday. Data from Japan showed the Tokyo Consumer Price Index rose to 2.2% on an annual basis in May from 1.8% in April.
He GBP/USD rebounded on Thursday and closed above 1.2700. The pair remains relatively calm and moves in a narrow band around 1.2720 in the European morning on Friday.
He Gold benefited from the pullback seen in US Treasury yields and posted small gains on Thursday. XAU/USD struggles to gain bullish momentum and is trading near $2,340 mid-session.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
