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ForexLive European FX news wrap: Dollar sluggish alongside stocks today, oil pinned down
ForexLive European FX news wrap: Dollar sluggish alongside stocks today, oil pinned down
Forex news from the European morning session on May 15, 2025
Session wrap
Wrap Europe
USD/JPY Price Forecast: Extends losing streak for third trading day
USD/JPY Price Forecast: Extends losing streak for third trading day
The USD/JPY pair extends its losing spree for the third trading day on Thursday.
USDJPY
BOJ
Fed
DollarIndex
InterestRate
GBPUSD poised for another rally or first we get a deeper pullback?
GBPUSD poised for another rally or first we get a deeper pullback?
The GBPUSD pair is forming a bullish flag but will we get a bigger correction first?
GBP
USD
USD/JPY is under pressure from US/South Korea talks – OCBC
USD/JPY is under pressure from US/South Korea talks – OCBC
USD/JPY continued to trade lower. Pair was last at 145.91 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
USDJPY
Banks
Technical Analysis
Japan
BOJ
AUD/USD edges lower despite strong Australia jobs report
AUD/USD edges lower despite strong Australia jobs report
The Australian Dollar (AUD) edges lower, retreating to near 0.6400 against the US Dollar (USD) at the time of writing on Thursday, erasing early Asian session gains following a stellar Australian jobs report.
AUDUSD
Fundamental Analysis
RBA
Australia
MarketParticipants
USD/CNH: The support at 7.1700 is back in sight – UOB Group
USD/CNH: The support at 7.1700 is back in sight – UOB Group
Further sideways trading seems likely; firmer underlying tone suggests a higher range of 7.1950/7.2200. In the longer run, renewed downward momentum suggests 7.1700 is back in sight, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Banks
Technical Analysis
USDCNH
Gold: Continues to trade with heavy bearish bias – OCBC
Gold: Continues to trade with heavy bearish bias – OCBC
Gold has continued to trade with a heavy bearish bias as tariff de-escalation momentum gained pace, while Fed cut expectations was scaled back in terms of the timing of next cut and quantum. Gold was last at 3174.52 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Gold
XAUUSD
Banks
Commodities
Metals
USD/JPY: Expected to consolidate in a range of 144.50/148.50 – UOB Group
USD/JPY: Expected to consolidate in a range of 144.50/148.50 – UOB Group
USD is likely to trade in a sideways range of 145.70/147.50. In the longer run, upward momentum has dissipated; USD is expected to consolidate in a range of 144.50/148.50 for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USDJPY
Technical Analysis
Banks
USD: Lots of mini Mar-a-Lago Accords? – Commerzbank
USD: Lots of mini Mar-a-Lago Accords? – Commerzbank
When news agencies yesterday announced that officials from the South Korean Ministry of Finance and the US Treasury Department had discussed exchange rates on the sidelines of a meeting in Milan, Korea's currency, the won, took a big leap. But it wasn't the only one.
Banks
DollarIndex
Politics
Forecasters expect a mild April Core PCE reading after the US CPI report
Forecasters expect a mild April Core PCE reading after the US CPI report
WSJ's Nick Timiraos shared the current forecasts for the PCE price index, which is the Fed's preferred measure of inflation
Silver Price Forecast: XAG/USD finds temporary support below $32, outlook remains fragile
Silver Price Forecast: XAG/USD finds temporary support below $32, outlook remains fragile
Silver price (XAG/USD) bounces back to near $32.00 during European trading hours on Thursday after sliding to near the monthly low around $31.65 earlier in the day. The outlook of the Silver price remains bearish as trade relations between the United States (US) and China have improved further.
Silver
XAGUSD
Fed
TradeWar
SupportResistance
NZD/USD: No significant increase in momentum – UOB Group
NZD/USD: No significant increase in momentum – UOB Group
New Zealand Dollar (NZD) could decline vs US Dollar (USD), but as there is no significant increase in momentum, it is unlikely to be able to break clearly below 0.5860.
NZDUSD
Banks
Technical Analysis
DXY: Markets are very sensitive to comments surrounding FX – OCBC
DXY: Markets are very sensitive to comments surrounding FX – OCBC
There was quite a bit of volatility in FX markets overnight, with USD declining at first, in response to the Bloomberg headline that US discussed FX with South Korea. DXY was last at 100.77 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Banks
DollarIndex
Technical Analysis
AUD/USD: Likely to trade in a lower range of 0.6400/0.6465  – UOB Group
AUD/USD: Likely to trade in a lower range of 0.6400/0.6465 – UOB Group
A slight increase in downward momentum is likely to lead to a lower range of 0.6400/0.6465 instead of a sustained decline. In the longer run, to continue to rise, Australian Dollar (AUD) must break and hold above 0.6515, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
AUDUSD
Technical Analysis
Banks
AUD/USD faces resistance despite strong jobs report – BBH
AUD/USD faces resistance despite strong jobs report – BBH
AUD/USD is struggling to sustain a break above its 200-day moving average at 0.6455. Australia’s labor market remains strong and bodes well for AUD, BBH's FX analysts report.
AUDUSD
Banks
RBA
Australia
Silver price today: Silver falls, according to FXStreet data
Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.
Silver
Commodities
Metals
EUR/USD rises on soft US PPI data
EUR/USD rises on soft US PPI data
EUR/USD is up 0.15% to near 1.1200 during North American trading hours on Thursday. The major currency pair reflects strength as the US Dollar (USD) faces selling pressure following the release of the United States (US) Producer Price Index (PPI) and Retail Sales data for April.
EURUSD
ECB
Fed
China
SEO
Just a pause before the all-time high or a bigger correction is in the cards for Bitcoin?
Just a pause before the all-time high or a bigger correction is in the cards for Bitcoin?
The bigger picture looks good for Bitcoin, but in the short-term there's a risk of a deeper pullback if the market prices in a more hawkish path for interest rates
Gold price turns positive while Ukraine-Russia talks are breaking down
Gold price turns positive while Ukraine-Russia talks are breaking down
Gold (XAU/USD) reverses course and heads higher towards $3,192 at the time of writing on Thursday with tensions building around the Ukraine-Russia talks taking place in Turkey.
Gold
Commodities
UnitedStates
SEO
TradeWar
USD/MXN confirms rounding top – Societe Generale
USD/MXN confirms rounding top – Societe Generale
USD/MXN has broken below key multi-month support, forming a bearish rounding top pattern and signaling potential downside toward 19.10 and 18.70, Societe Generale's FX analysts report.
USDMXN
Banks
Technical Analysis
Mexico
USD/CAD rebounds toward 1.4000 as crude Oil weakness weighs on Canadian Dollar
USD/CAD rebounds toward 1.4000 as crude Oil weakness weighs on Canadian Dollar
USD/CAD stabilized around 1.3980 during Thursday’s European trading hours, recovering earlier losses as the Canadian Dollar (CAD) came under pressure due to declining crude Oil prices.
USDCAD
Majors
Macroeconomics
Canada
Oil
Eurozone GDP rises 0.3% QoQ in Q1 2025 vs. 0.4% preliminary estimate
Eurozone GDP rises 0.3% QoQ in Q1 2025 vs. 0.4% preliminary estimate
The Eurozone economy expanded by 0.3% in the first quarter of 2025 (Q1), undermining the preliminary reading of 0.4%, according to the second estimate released by Eurostat on Thursday.
GDP
Eurozone
EURUSD
EconomicIndicator
Employment
Eurozone Q1 GDP second estimate +0.3% vs +0.4% q/q prelim
Eurozone Q1 GDP second estimate +0.3% vs +0.4% q/q prelim
Latest data released by Eurostat - 15 May 2025
GBP/USD: Likely to trade in a range between 1.3220 and 1.3320 – UOB Group
GBP/USD: Likely to trade in a range between 1.3220 and 1.3320 – UOB Group
Current price action is non-trending; Pound Sterling (GBP) is likely to trade in a range between 1.3220 and 1.3320. In the longer run, buildup in momentum has faded; GBP is likely to trade in a 1.3140/1.3405 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
GBPUSD
Banks
Technical Analysis
EUR/USD breaks below 1.12 as USD rebounds on trade commitment headlines – Danske Bank
EUR/USD breaks below 1.12 as USD rebounds on trade commitment headlines – Danske Bank
EUR/USD slipped below 1.12 as a Bloomberg report helped the USD recover ground, but confidence in the greenback remains fragile ahead of key US data releases, Danske Bank's FX analysts report.
EURUSD
Currencies
Banks
Majors
USD: Evidence and speculation weighs on the USD – ING
USD: Evidence and speculation weighs on the USD – ING
The dollar is drifting a little lower against major currencies and remains tarnished by April's events. US Treasuries continue to trade on a soft footing, and whether judged against the risk-free SOFR swap rate or German bunds, they have failed to reverse much of the spread widening seen in April.
Banks
DollarIndex
Technical Analysis
EUR/USD: Likely to trade in a 1.1130/1.1230 range – UOB Group
EUR/USD: Likely to trade in a 1.1130/1.1230 range – UOB Group
There has been no increase in either downward or upward momentum; EUR is likely to trade in a 1.1130/1.1230 range vs US Dollar (USD). In the longer run, EUR is likely to consolidate between 1.1100 and 1.1290 for the time being, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Technical Analysis
EURUSD
Banks
AUD/JPY slips toward 93.50 due to optimism over potential US-Japan trade agreement
AUD/JPY slips toward 93.50 due to optimism over potential US-Japan trade agreement
The AUD/JPY pair continues its downward trajectory for the second consecutive day, trading near 93.60 during Thursday’s European session.
AUDJPY
Crosses
Macroeconomics
Japan
Australia
EUR: Staying supported – ING
EUR: Staying supported – ING
EUR/USD has found some decent support under 1.11 and we expect that to continue to be the case, ING’s FX analyst Chris Turner notes.
EURUSD
Banks
Technical Analysis
IEA sees more supply flowing through oil market for the year
IEA sees more supply flowing through oil market for the year
This comes amid the outlook that Saudi Arabia will step up production further
China Commerce Ministry: China always open to resolving economic, trade relations offline
China Commerce Ministry: China always open to resolving economic, trade relations offline
Comments from the Chinese Commerce Ministry on establishing mechanism for trade talks with the US
WTI drops to near $60.50, crude Oil slides 3% on US-Iran nuclear deal hopes
WTI drops to near $60.50, crude Oil slides 3% on US-Iran nuclear deal hopes
West Texas Intermediate (WTI) Oil price fell by approximately 3% on Thursday, extending the previous session’s losses of over 1%. WTI price is hovering around $60.70 per barrel during European trading hours.
Oil
WTI
Macroeconomics
Commodities
Majors
EU trade commissioner Šefčovič says will meet with Lutnick at OECD meeting
EU trade commissioner Šefčovič says will meet with Lutnick at OECD meeting
The OECD Ministerial Council Meeting will take place on 3 to 4 June
Politics
Pound Sterling outperforms US Dollar on soft US PPI, upbeat UK GDP data
Pound Sterling outperforms US Dollar on soft US PPI, upbeat UK GDP data
The Pound Sterling (GBP) jumps slightly above 1.3300 against the US Dollar in North American trading hours. The GBP/USD pair gains as the US Dollar faces selling pressure after the release of the softer-than-expected United States (US) Producer Price Index (PPI) report for April.
GBPUSD
GDP
Fed
BOE
SEO
Germany’s Klingbeil: EU prepared to act if US tariff talks fail
Germany’s Klingbeil: EU prepared to act if US tariff talks fail
German Finance Minister Lars Klingbeil told the parliament on Thursday, "we must respond to the US tariffs with unity and determination.”
Germany
EURUSD
UnitedStates
TradeWar
Forex Today: US Dollar under pressure ahead of key US data, Powell speech
Forex Today: US Dollar under pressure ahead of key US data, Powell speech
Here is what you need to know on Thursday, May 15:
Majors
Macroeconomics
Currencies
Commodities
EconomicIndicator
US Treasury Sec. Bessent: We are going into negotiations with China to prevent escalation again
US Treasury Sec. Bessent: We are going into negotiations with China to prevent escalation again
US Treasury Secretary Scott Bessent said on Thursday, “we are going into a series of negotiations with China to prevent escalation again.”
UnitedStates
China
TradeWar
DollarIndex