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May 22, 2021

Here are 3 Important News Traders Focus Today

 Friday will be a busy day for forex traders with manufacturing and services PMI reports to be published, especially in the United States and Europe.

Most major currencies returned to higher gains as the greenback continued to depreciate lower.

In the Asian session, the greenback erased gains from previous FOMC meeting minutes report, with the dollar index trading weak at a nearly 3 -month low against a basket of major currencies.

The market is now awaiting US manufacturing and services PMI data as a further guide to central bank monetary policy.

The European currency traded higher, with the euro back above 1.22000 against the USD.

After being shown with high economic sentiment reports from the German ZEW and Ifo polls, investors now expect the PMI data to be published later in the afternoon to record a stronger reading.

The pound also strengthened around a nearly three-month high against the US dollar amid expectations that economic activity in the UK will continue to show an increase as more coronavirus restrictions are lifted again.

If the readings recorded are stronger than expected, it will further boost the prospects for the UK to come out of the full coronavirus ban on June 21 as previously planned by the government.

Meanwhile, the Canadian dollar regained its strength to a 6 -year high against the USD after being dragged lower by declining world crude oil prices.