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May 30, 2025

North American Summary and Highlights 30 May
Freemium Article

May 30, 2025 7:55 PM UTC

Overview - The USD was little changed overall, though USD/CAD slipped after stronger than expected Canadian GDP data. 

Preview: Due June 5 - U.S. April Trade Balance - Deficit to plunge as imports reverse pre-tariff surge
Paying Article

May 30, 2025 5:59 PM UTC

We expect April’s trade deficit to plunge to $66.4bn, which would be the lowest since December 2023, from a record $140.5bn in March. We expect a healthy 2.1% increase from exports and a plunge of 16.3% in imports, correcting Q1 strength seen ahead of the April 2 tariff announcement.

Chart USD/MXN Update: Extending consolidation - any gains to remain limited
Paying Article

May 30, 2025 3:32 PM UTC

Little change, as prices extend consolidation above congestion support at 19.2000

Chart USD/CAD Update: Under pressure in CAD-driven trade
Freemium Article

May 30, 2025 3:21 PM UTC

Consolidation around 1.3800 has given way to a break lower in CAD-driven trade

FX Weekly Strategy: June 2nd-6th
Paying Article

May 30, 2025 3:02 PM UTC

Tariff issues still the main focus
EUR may suffer from any new US tariff measures
ECB rate cut and lower inflation forecast may also be EUR negative
CAD to gain modest support from BoC
JPY can gain in risk negative secanrio but should in any case be well supported

Preview: Due June 2 - U.S. May ISM Manufacturing - Modest improvement, but not as far as neutral
Paying Article

May 30, 2025 2:29 PM UTC

We expect a May ISM manufacturing index of 49.0, which would be a marginal improvement from April’s 48.7, which was the weakest since November. However the index would remain below the neutral 50 which was beaten in January and February for the first times since October 2022. 

U.S. May Final Michigan CSI - Reduced tariffs on China appear to have eased concerns
Paying Article

May 30, 2025 2:14 PM UTC

May’s Final Michigan CSI has seen inflation expectations coming down significantly, no longer significantly accelerating from April, probably due to reduced tariffs on China. However the boost to sentiment is modest, the final figure of 52.2 up from a preliminary 50.8 and unchanged from April.

Canada Q1 GDP leaves BoC rate call a close one, but we now lean to no change
Paying Article

May 30, 2025 1:46 PM UTC

Canada’s Q1 GDP was surprisingly resilient, rising in line with recent trend by 2.1% annualized, though Q4 was revised down to 2.1% from 2.6%. Detail was less positive, with domestic demand falling by 0.1% though this follows a 5.2% surge in Q4. March GDP rose by 0.1% as expected, and the prelimin

Chart AUD/USD Update: Consolidating - daily studies under pressure
Paying Article

May 30, 2025 1:27 PM UTC

Cautious trade around 0.6450 is giving way to a pullback

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U.S. April Trade Deficit falls sharply after tariffs imposed, Personal Income strong, Spending and Core PCE Prices subdued
Paying Article

May 30, 2025 1:15 PM UTC

While March personal spending is subdued as expected with a 0.2% rise, personal income shows surprising strength with a rise of 0.8%, while core PCE prices are subdued as expected, up 0.1%, underperforming a 0.2% core CPI. A much smaller than expected advance April trade deficit of $87.6bn is suppor

Chart EUR/JPY Update: Room for a minor test lower
Paying Article

May 30, 2025 1:10 PM UTC

Consolidation beneath resistance at 164.00 is giving way to a pullback

Chart USD/JPY Update: Leaning lower
Paying Article

May 30, 2025 1:03 PM UTC

The anticipated test of 144.00 is giving way to consolidation around 143.75

USD, CAD flows: USD softer, CAD firmer after data
Paying Article

May 30, 2025 12:52 PM UTC

USD softer in early US trade but little affected by US data. CAD firmer on stronger GDP

Chart USD/ZAR Update: Limited tests higher
Paying Article

May 30, 2025 11:37 AM UTC

The anticipated test of support at the 17.7800 low of 26 May is giving way to a bounce

Chart EUR/CAD Update: Consolidating - studies under pressure
Paying Article

May 30, 2025 10:51 AM UTC

The test of resistance at 1.5700 has met expected selling interest

Europe Summary and Highlights 30 May
Paying Article

May 30, 2025 10:08 AM UTC

The USD edged slightly higher against the EUR and AUD in the European morning, but was otherwise little changed.

Psychology for major markets May 30
Paying Article

May 30, 2025 10:07 AM UTC

EUR marignally softer in quiet trade awaiting further tariff news

Chart USD Index DXY Update: Consolidating losses
Paying Article

May 30, 2025 10:01 AM UTC

Steady selling interest from the 100.54 high of 29 May has met buying interest above support at 99.00

This week's five highlights
Freemium Article

May 30, 2025 10:00 AM UTC

Court Ruling Affects Trump Reciprocal and Fentanyl Tariff
Fed Speakers This Week
RBNZ Sees a Turning Point
US Stepped-Up Tariff Threat on Eurozone
USD/JPY Stays Depressed

FX Daily Strategy: N America, May 30th
Paying Article

May 30, 2025 9:23 AM UTC

Risks to USD turning negative as market awaits Trump reaction to court decision
USD/JPY vulnerable to any announcement of new tariff measures
CPI data more likely to support JPY than EUR

Chart EUR/CHF Update: Choppy trade - studies leaning lower
Paying Article

May 30, 2025 8:33 AM UTC

Little change, as prices extend consolidation beneath congestion resistance at 0.9350

Chart USD/CHF Update: Consolidating recent selling pressure
Paying Article

May 30, 2025 8:22 AM UTC

Steady selling interest following the test above congestion resistance at 0.8300 has reached congestion support at 0.8200

Chart EUR/GBP Update: Daily studies edging higher
Paying Article

May 30, 2025 8:11 AM UTC

Consolidation just above congestion support at 0.8350 has given way to a sharp bounce to 0.8430

Chart EUR/USD Update: Consolidating recent gains
Paying Article

May 30, 2025 7:40 AM UTC

The break above 1.1300 is meeting selling interest just beneath congestion resistance at 1.1400

Chart EUR/AUD Update: Extending gains
Paying Article

May 30, 2025 7:34 AM UTC

Break above 1.7600 see prices extending bounce from the 1.7460 support to set up scope for retest of strong resistance at 1.7700