Global Foreign Exchange Market
Despite a short working week in the US in conjunction to Memorial Day holiday, the dollar depreciated by 0.54% to 98.142. Growing concerns on the global growth outlook in view of the US-China trade war escalation encouraged investors to seek safety. Apart from that, the dollar was also supported by an upside surprise in the Conference Board reading in May which hit a near 18-year high. The index, a key metric of consumers’ willingness to keep spending, accelerated to 134.1, up from April’s 129.2 while market consensus stood at 130. Nonetheless, other economic release includes: (1) 1Q2019 GDP second estimate rose 3.1% from 2.2% q/q in 4Q2019; and 1Q2019 preliminary corporate profits were at -3.5% from 0% q/q in 4Q2018.
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