North American Summary and Highlights 5 May

North American session

European markets were quiet given the UK holiday but the USD opened weaker in North America after Trump’s weekend comments announcing tariffs on foreign movies and stating that he had no plans to talk to China this week. However, a stronger ISM services index of 51.6 in April versus 50.8 in March helped the USD move off its lows though the recovery faded late in the session. 

EUR/USD returned to Asian lows near 1.13 from a high of 1.1365 before a modest late bounce to 1.1315. USD/JPY saw only a partial reversal of earlier losses, unable to hold above 144 after bottoming at 143.54. EUR/JPY fell below 163, while EUR/CHF was weaker near .9310. EUR/GBP saw only marginal losses, holding above .85. AUD/USD gains failed to reach .65, but the subsequent correction was modest.