Trading Mid-Day Update (05/12)
During today’s Currency Call, Scott highlighted sentiment on the U.S. dollar index is still bullish. The ideal scenario will be for the dollar index to retrace back to the 90 level before looking to buy after the
U.S. CPI data release at 2030 (SGT).
Jin highlighted that the UK GDP data that will be released later at 1400 (SGT) may weaken the pound slightly. The U.S. CPI data that will be released later may only strengthen the U.S. dollar for a short period of time if the result turns out to be as forecasted as the data is not too far from the previous month’s release.
During the day, the UK GDP data released was overall better than forecasted. GBP/USD strengthened with the release of the positive GDP data.
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