FX Daily Strategy: N America, May 7th

May 7, 2026 9:13 AM UTC

ECB speakers may be mildly EUR supportive
NOK rallies as Norges bank hike 
GBP vulnerable on local elections
Risk of reversal of recent risk positive trading if US/Iran deal is not completed

Chart USD/CHF Update: Leaning lower

May 7, 2026 8:29 AM UTC

Little change, as prices extend cautious trade above support at the 0.7770 Fibonacci retracement

NOK flows: NOK rallies on Norges Bank rate hike

May 7, 2026 8:21 AM UTC

Norges Bank hikes the policy rateto 4.25%. NOK rallies as market had been split on probability of a hike. Scope for further NOK gains medium term

Chart EUR/GBP Update: Consolidating - studies leaning lower

May 7, 2026 8:15 AM UTC

Consolidation has given way to a test of resistance within the 0.8640 - 0.8650 range

Psychology for major markets May 7

May 7, 2026 8:00 AM UTC

Al Arabiya is reporting that intense communications to gradually reopen the Strait of Hormuz are ongoing 

Chart USD Index DXY Update: Studies under pressure

May 7, 2026 7:59 AM UTC

The test of support at the 97.63 monthly low of 17 April is giving way to consolidation

Chart EUR/USD Update: Edging higher

May 7, 2026 7:46 AM UTC

Anticipated gains have been pushed back from congestion resistance at 1.1800

Chart GBP/JPY Update: Extend consolidation above 212.00

May 7, 2026 7:30 AM UTC

Little change, as prices extend consolidation above support at the 212.00 congestion

Chart GBP/USD Update: Studies continue to improve

May 7, 2026 7:29 AM UTC

Little change, as prices extend consolidation following the test of congestion resistance at 1.3660

Chart AUD/JPY Update: Consolidating below 114.00/70 highs

May 7, 2026 7:21 AM UTC

Little change, as prices settled back to consolidate at the 113.00 level following choppy trade to retest 114.00 level

Chart EUR/AUD Update: Still heavy, 1.6130 low at risk

May 7, 2026 6:45 AM UTC

Consolidating test of the 1.6200 level but pressure remains on the downside and see scope for break to expose 1.6130 March YTD low to retest

Chart AUD/NZD Update: Leaning lower from the 1.2200/35, April highs

May 7, 2026 6:30 AM UTC

Leaning lower from the 1.2200/35 highs as prices consolidate gains within a 2-month rising wedge pattern from the March low

USD, JPY, EUR flows: Focus on US/Iran deal

May 7, 2026 6:24 AM UTC

Markets await Iran's response to teh US proposal to end hostilities. Market risks may be skewed towards a risk negative response after the moves of the last few days priced in a positive outcome

Chart USD/IDR Updates: Consolidating

May 7, 2026 6:08 AM UTC

Settling back from the 17437 Tuesday's historic high as prices consolidate recent strong gains from the 16705, January current year low

Asia Summary and Highlights 7 May

May 7, 2026 5:44 AM UTC

Iran to deliver response to U.S. war-ending proposal via Pakistan mediators on Thursday 
Saudi base ban forced Trump to pause Strait of Hormuz shipping operation

Chart USD/INR Update: Extending pullback from 95.4325 historic high

May 7, 2026 5:28 AM UTC

Turned up from the 94.5600 low as prices consolidate sharp drop from the 95.4325 all-time high

USD/JPY flows: Little Changed

May 7, 2026 5:23 AM UTC

No intervention today

Chart USD/MYR Update: Extending losses

May 7, 2026 4:16 AM UTC

Sharply lower as prices extend break of support at the 3.9400 April low to reach support at the 3.9100/3.9000 congestion

FX Daily Strategy: Europe, May 7th

May 7, 2026 4:00 AM UTC

ECB speakers may be mildly EUR supportive
Norges bank likely to leave rates unchanged
GBP vulnerable on local elections
Risk of reversal of recent risk positive trading

Chart USD/THB Update: Room to extend rejection from 32.80/32.85 highs

May 7, 2026 3:51 AM UTC

Consolidation around the 32.50 level has given way to sharp break lower towards the 32.00 level 

Chart USD/KRW Update: Consolidating losses to 1440.00 support

May 7, 2026 2:49 AM UTC

Consolidation around the 1470.00 congestion has given way to selling pressure through the 1460.00/1455.00 support to reach the 1440.00 support

Chart USD/SGD Update: Weighing on 1.2667 April low

May 7, 2026 2:33 AM UTC

Sharply lower as consolidation around 1.2750 gave way to selling pressure through the 1.2700 level to retest the 1.2667, April low