May 14: American session
Tatiana Norkina, FBS analyst
Pretty strong U.S. data on producer prices for the last month (0.6% instead of the forecast 0.2% - this is evidence of economic recovery) did not produce the desired effect on the U.S. dollar index, which is consolidated in the range of 80.06-80.18 today. At the current moment, a negative trend enhanced that could lead to weakening of the U.S. currency. Major U.S. stock markets also opened in the red: DJIA loses about 0.33%, S&P500 - 0.25%.
At the same time, pairs consolidated: EUR/USD - just above the 1.3700 figure and USD/CHF at 0.8900. Weak labor market data have weakened the British currency. GBP/USD pair has collapsed to around 1.6750 from today's maximum 1.6875. The currency pair USD/JPY falls too: bulls failed to keep the market above the 102.20 mark. Now trades are carried at the 101.75 mark.