FX Daily Strategy: Asia, May 28th

May 27, 2026 9:00 PM UTC

Pullback in oil sticking, even if on fragile ground
Focus has been on some of the 'oil terms of trade crosses' and profit-taking
Market remains a prisoner to the Iran headlines n/t

North American Summary and Highlights 27 May

May 27, 2026 7:36 PM UTC

Overview - The USD was slightly firmer after the White House denied an Iranian report of a memo of understanding to reopen the Strait of Hormuz. 

Preview: Due June 3 - U.S. May ISM Services - Seasonal adjustments may provide a lift

May 27, 2026 5:27 PM UTC

We expect May’s ISM services index to pick up to 54.5 from 53.6 in April, picking up after two straight declines from February’s 56.1. While rising energy prices are a downside risk for services activity, seasonal adjustments may provide some support in May. 

Preview: Due June 1 - U.S. May ISM Manufacturing - A renewed acceleration

May 27, 2026 4:49 PM UTC

We expect a rise in May’s ISM manufacturing index to 53.5 from 52.7, reaching its highest level since June 2022 after four straight similar months, extending the improvement from negative late 2025 readings.

Chart USD/SGD Update: Consolidating - daily studies under pressure

May 27, 2026 4:34 PM UTC

Little change, as prices extend cautious trade within the 1.2750 - 1.2800 range

USD flows: Noise but no change in tune

May 27, 2026 3:54 PM UTC

More newswire noise, but no change in the overall story 

Chart USD/CNH Update: Fresh year lows - studies under pressure

May 27, 2026 3:48 PM UTC

Cautious trade is giving way to anticipated losses

Chart USD/CAD Update: Strong resistance at the 1.3870 Fibonacci retracement

May 27, 2026 3:32 PM UTC

Cautious trade around 1.3800 has given way to a fresh push higher

FX Daily Strategy: APAC, May 28th

May 27, 2026 3:01 PM UTC

Pullback in oil sticking, even if on fragile ground
Focus has been on some of the 'oil terms of trade crosses' and profit-taking
Market remains a prisoner to the Iran headlines n/t

Preview: Due June 3 - U.S. May ADP Employment - Weekly ADP data remains firm

May 27, 2026 2:15 PM UTC

We expect a 100k increase in May’s ADP estimate for private sector employment, which would be similar to April’s 109k, which was the strongest since January 2025. It would not be as strong as a 4-week average of 37.75 in the weekly ADP employment report for the weeks to May 9 implies. The weekly