This is what you need to know to trade today friday may 13:
After posting its highest close in nearly two decades at 104.75, the US Dollar Index is trading lower early Friday amid an improving market environment. Euro zone industrial production data will be seen for a fresh boost ahead of export price index and import price index figures from the United States. The University of Michigan will also release preliminary Consumer Sentiment Index data for May. Investors will continue to pay attention to central bank comments ahead of the weekend.
In statements published early on Friday, the deputy mayor of the Chinese city of Shanghai, Wu Qingat, stated that his goal is to reach the zero covid infections at community level by mid-May. Shanghai will aim to open up, ease traffic restrictions and open shops in an orderly manner, added the mayor. The Shanghai Composite Index gained momentum on this statement and was last up 0.8% on the day. Reflecting the positive shift seen in risk sentiment, US stock index futures are up between 0.65% and 1.25% in early European morning trading.
On Thursday, US data revealed that the core Producer Price Index (PPI) fell to 8.8% in April from 9.6% in March, against the market expectation of 8.9%. Meanwhile, in an interview with Marketplace radio, FOMC Chairman Jerome Powell reiterated that he expects the policy rate to rise by 50 basis points at each of the next two policy meetings. However, the yield on the 10-year US Treasury bond fell for the fourth day in a row on Thursday and remains on track to break a five-week gaining streak.
The EUR/USD fell on Thursday to its lowest level since the beginning of 2017, at 1.0353. The pair is trading in a relatively tight range around 1.0400 early on Friday.
The GBP/USD fell below 1.2200 for the first time in almost two years on Thursday, but appears to have entered a consolidation phase above that level on Friday. In weekly terms, the pair has lost 200 pips.
The Japanese yen took advantage of safe-haven flows on Thursday and USD/JPY It broke below its two-week trading channel. The pair remains relatively calm in the European morning and trades below 129.00.
The Prayed it found no demand despite falling US Treasury yields and ran into technical selling pressure after falling below the key 200-day moving average. At press time, XAU/USD was trading at its lowest level since early February, near $1,820.
The Bitcoin is rising early Friday and was last seen rising more than 4% on the day at $30,250. The outflow of capital from altcoins seems to be helping BTC hold up for the time being. In the same way, ethereum it is up 7% on the day and trading slightly above $2,000, having touched its lowest level in nearly a year at $1,700 on Thursday.
Source: Fx Street
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