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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Official Website]: The US dollar continues to decline, and the pound rises due to high inflation in the UK." Hope it will be helpful to you! The original content is as follows:
On Wednesday, May 21, during the European session, the British pound (GBP) gathered strength against its www.avaforexcn.competitors in the early Wednesday after the UK released inflation data for April while the US dollar continued to weaken due to trade uncertainty and political dilemma. The economic calendar will not have high-level data releases in the mid-week, allowing investors to continue to pay attention to geopolitical and www.avaforexcn.comments from central bank officials.
The Office for National Statistics (ONS) reported in early European trading that the UK's annual inflation rate (measured by changes in the consumer price index) rose to 3.5% in April, up from 2.6% in March. This reading was higher than market expectations of 3.3%. On a monthly basis, CPI rose 1.2%, www.avaforexcn.compared with 0.3%. Finally, the core CPI, excluding volatile food and energy prices, grew by 3.8% annually, surpassing analysts' expectations of 3.6%. GBP/USD gathered bullish momentum after strong UK inflation data, rising to its highest level since February 2022, exceeding 1.3450.
China's Ministry of www.avaforexcn.commerce said in early Wednesday that the U.S. measures against China's advanced chips were "typical unilateral bullying and protectionism", adding that the U.S. has violated international law by abusing export controls to curb and suppress China. Meanwhile, House Republicans are working to pass President Trump’s tax bill, which could increase national debt by about $3.8 trillion, according to an analysis released by the Congressional Budget Office (CBO) on Tuesday. The U.S. dollar index was under bearish pressure on Wednesday, trading around 99.50, down about 0.5% intraday, while U.S. stock index futures fell between 0.4% and 0.6% after major Wall Street indexes closed negative on Tuesday.
Basic market conditions of the foreign exchange market:
Euro/USD continued its weekly gains in the early European session, rising to 1.1350. The European Central Bank (ECB) will release its financial stability report later that day.
Data from Japan showed in early Asian sessions that exports in April rose by 2% year-on-year, in line with expectations. During the same period, imports fell by 2.2%. USD/JPY remained weak on Wednesday, down to 143.50.
The US dollar/Canada continued to decline, trading below 1.3900, after closing at a negative value two days before this week. Statistics Canada reported on Tuesday that CPI inflation slowed to 1.7% in April from 2.3% in March.
Bulle market fundamentals:
Breaking through $3,308 on Wednesday due to market concerns that tensions in the Middle East may be out of control again and the U.S. fiscal difficulties.
Analysis of major currency trends:
Euro: Euro/USD breaks through the 1.1292 resistance level, indicating that the correction from 1.1572 has been www.avaforexcn.completed at 1.1064. Intraday bias rose again, and first retested the 1.1572 high. A resolute breakthrough will restore a larger upward trend. The next near-term target will be the 61.8% forecast from 1.0176 to 1.1572, from 1.www.avaforexcn.com1064 to 1.1927. On the downside, breaking through the 1.1217 secondary support level will delay the bullish situation and turn to intraday bias neutral again.
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