Trading Market Commentary May 13, 2017

Commentary

The US started Friday day with a large Retail Sales, to miss a target with +0.4%, and little better CPI number at +0.2%, however, the market had hoped for numbers they could trade with. Later afternoon we saw the Consumer Sentiment rose slightly with unemployment steady at 4.4%. However, The disappointing data did provide a boost for the bond market.  

Virtually all key Euro indices finished on the positive note Friday trading, despite the disappointing US data. The main talk, for now, is the G7 meeting in Italy over the weekend.

EURUSD expands the come back from the recent low 1.0839 after the variety of mixed data. And the currency might platform a bigger recovery within the coming week given it smashes the latest compilation of lower highs as well as lows.

The current sell-off has dampened my bullishness and suggests top has been formed at 1.0100 on May 11. Hence, consolidation with downside bias has been projected for retracement toward 0.9979. Because of this, our USDCHF trade was exited at 1.0083 on Friday. See chart of the day.

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