Friday 23rd May
The USD dollar has steadied over the last few sessions and is well off its recent lows as oil prices eased overnight and some profit taking ahead of the weekend kick in. However the US currency remains very much vulnerable to inflation concerns and the effect of such on economic growth.
Today focus is on the April home sales number out of the US which will give us further clues as to the mood and problems facing the beleaguered US consumer.
The Aussie also is taking a breather and backing off from recent highs as the US dollar recovers on speculation that the Fed may well raise interest rates later this year. Lower commodity prices have also impacted on the Aussie strength with the CRB index falling by 1.3 per cent yesterday as lower oil and gold prices take hold.
There have been some excellent moves on the model this week ….don't let them get away!