USD weakens as China surprises with stronger Yuan fixing
/CNH a few figures stronger than expected. This triggered a wave of pressure on the Greenback, particularly against the Canadian Dollar as the USD/CAD pair trades at 1.3125, a six-month low. Polish Zloty, Japanese Yen, Euro, Pound Sterling and Scandinavian coins are all trading in profit against the US Dollar. on Tuesday could bring some turnaround. At 12:30 GMT, Durable Goods Orders data is set to hit the markets with expectations of stagnation or declines on all fronts.
Moreover, the Redbook Index – which gauges store sales in the US – is due at 12:55 GMT. It increased 0.9% a week earlier. S&P/Case-Shiller Home Price Indices numbers for the monthly and yearly performance in April will come out at 13:00 GMT. The monthly House Price Index is set to slow from 0.6% to 0.3%. On a yearly basis, the index is expected to show that prices fell 2.6% in April, more than the 1.1% decline seen in March.
With the jump in Chinese equities, Iron Ore Futures are up 2.4% at sessions’ high level at $825 on the assumption that demand from China could pick up again.
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