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Forex & Trading·May 20, 2026

The USD is little changed/mixed to start the North American session. What levels to watch?

The USD is mixed/little changed with the EURUSD, USDJPY and the GBPUSD all trading within 0.05% of unchanged on the day. The UK inflation data came in lower than expections helped by one off and base effects. The EU final CPI came in as expected. In the video above, I take a look at the 3 major currency pairs from a technical perspective. Meanwhile, the AUD and the NZD are the biggest movers as they benefit from higher stocks and lower yields as the NA session begins. Needless to say, the situation in the Middle east remain on a knifes edge but Trump says they will end the war very quickly but has not ruled out more conflict as well. Today, in review, UK inflation came in softer than expected in April, with headline CPI slowing to 2.8% year-over-year versus the 3.0% estimate and down from 3.3% previously, while core CPI eased to 2.5% from 3.1%. The biggest surprise came from services inflation, which fell sharply to 3.2% from 4.5%, helped by softer monthly price gains and a number of temporary factors. Much of the downside pressure came from housing-related costs as lower electricity and gas prices weighed on inflation, while comparisons to last year’s sharp increases in water and sewage bills also created favorable base effects. Airfares were another major drag, with prices falling this April compared to a large surge a year ago. Despite the softer report, the details suggest this is not necessarily a sign of a lasting shift lower in UK inflation. Instead, many of the declines were driven by one-off distortions and base effects, while the broader inflation outlook remains clouded by rising energy prices tied to the ongoing US-Iran conflict. Eurozone inflation accelerated further in April, with headline CPI confirmed at 3.0% year-over-year, up from 2.6% in March, largely driven by another sharp increase in energy prices tied to the ongoing Middle East conflict. Energy inflation rose 10.8% annually, a significant jump from 5.1% previously, while monthly energy prices climbed 3.0%, making it the primary driver behind the stronger headline reading. The better news for the ECB was that core inflation remained contained, easing slightly to 2.2% from 2.3%, suggesting that broader underlying price pressures have not yet fully absorbed the higher energy costs. Services inflation also cooled modestly to 3.0% from 3.3%, while food inflation held relatively steady near 2.4%. However, the overall report still points to building inflation pressures as elevated energy costs increasingly filter through the broader economy. With the US-Iran conflict continuing and no clear resolution in sight, inflation in the euro area is expected to remain supported through Q2 and likely into the early part of Q3. Looking at the pre-market for US stocks, futures are implying higher levels Dow industrial average is up 110 point S&P index is up 27 point NASDAQ index is up 176 points After the close: the long-awaited Nvidia earnings will be released with expectations of EPS of $1.77 on revenues of $78.9 billion (of course the whisper number would be higher). Looking at the US debt market, yields are modestly lower: 2 year yield 4.095%, -2.7 basis points 5 year yield 4.299%, -3.0 basis points 10 year yield 4.643%, -2.6 basis points 30 year yield 5.166%, -5 basis points in other markets: Gold is up $14.33 or 0.32% at $4497.77 as it reacts to the lower rates Silver is up $2.11 or 2.84% at $75.74. Crude oil is down $1.50 at $102.54 Bitcoin is up $500 and $77,305 This article was written by Greg Michalowski at investinglive.com.

Forexlive3 min readSingle source
The USD is little changed/mixed to start the North American session. What levels to watch?
Image · Forexlive
The gist
5-point summary · 1 min

The USD is mixed/little changed with the EURUSD, USDJPY and the GBPUSD all trading within 0.05% of unchanged on the day. The UK inflation data came in lower than expections helped by one off and base effects. The EU final CPI came in as expected. In the video above, I take a look at the 3 major currency pairs from a technical perspective. Meanwhile, the AUD and the NZD are the biggest movers as they benefit from higher stocks and lower yields as the NA session begins. Needless to say, the situation in the Middle east remain on a knifes edge but Trump says they will end the war very quickly but has not ruled out more conflict as well. Today, in review, UK inflation came in softer than expected in April, with headline CPI slowing to 2.8% year-over-year versus the 3.0% estimate and down from 3.3% previously, while core CPI eased to 2.5% from 3.1%. The biggest surprise came from services inflation, which fell sharply to 3.2% from 4.5%, helped by softer monthly price gains and a number of temporary factors. Much of the downside pressure came from housing-related costs as lower electricity and gas prices weighed on inflation, while comparisons to last year’s sharp increases in water and sewage bills also created favorable base effects. Airfares were another major drag, with prices falling this April compared to a large surge a year ago. Despite the softer report, the details suggest this is not necessarily a sign of a lasting shift lower in UK inflation. Instead, many of the declines were driven by one-off distortions and base effects, while the broader inflation outlook remains clouded by rising energy prices tied to the ongoing US-Iran conflict. Eurozone inflation accelerated further in April, with headline CPI confirmed at 3.0% year-over-year, up from 2.6% in March, largely driven by another sharp increase in energy prices tied to the ongoing Middle East conflict. Energy inflation rose 10.8% annually, a significant jump from 5.1% previously, while monthly energy prices climbed 3.0%, making it the primary driver behind the stronger headline reading. The better news for the ECB was that core inflation remained contained, easing slightly to 2.2% from 2.3%, suggesting that broader underlying price pressures have not yet fully absorbed the higher energy costs. Services inflation also cooled modestly to 3.0% from 3.3%, while food inflation held relatively steady near 2.4%. However, the overall report still points to building inflation pressures as elevated energy costs increasingly filter through the broader economy. With the US-Iran conflict continuing and no clear resolution in sight, inflation in the euro area is expected to remain supported through Q2 and likely into the early part of Q3. Looking at the pre-market for US stocks, futures are implying higher levels Dow industrial average is up 110 point S&P index is up 27 point NASDAQ index is up 176 points After the close: the long-awaited Nvidia earnings will be released with expectations of EPS of $1.77 on revenues of $78.9 billion (of course the whisper number would be higher). Looking at the US debt market, yields are modestly lower: 2 year yield 4.095%, -2.7 basis points 5 year yield 4.299%, -3.0 basis points 10 year yield 4.643%, -2.6 basis points 30 year yield 5.166%, -5 basis points in other markets: Gold is up $14.33 or 0.32% at $4497.77 as it reacts to the lower rates Silver is up $2.11 or 2.84% at $75.74. Crude oil is down $1.50 at $102.54 Bitcoin is up $500 and $77,305 This article was written by Greg Michalowski at investinglive.com.

  • The USD is mixed/little changed with the EURUSD, USDJPY and the GBPUSD all trading within 0.05% of unchanged on the day.
  • Today, in review, UK inflation came in softer than expected in April, with headline CPI slowing to 2.8% year-over-year versus the 3.0% estimate and down from 3.3% previously, while core CPI eased to 2.5% from 3.1%.
  • The biggest surprise came from services inflation, which fell sharply to 3.2% from 4.5%, helped by softer monthly price gains and a number of temporary factors.
  • Eurozone inflation accelerated further in April, with headline CPI confirmed at 3.0% year-over-year, up from 2.6% in March, largely driven by another sharp increase in energy prices tied to the ongoing Middle East conflict.
  • Crude oil is down $1.50 at $102.54 Bitcoin is up $500 and $77,305 This article was written by Greg Michalowski at investinglive.com.
$1.77$78.9 billion$14.33$4497.77$2.11$75.74
In this article

The USD is mixed/little changed with the EURUSD, USDJPY and the GBPUSD all trading within 0.05% of unchanged on the day. The UK inflation data came in lower than expections helped by one off and base effects. The EU final CPI came in as expected. In the video above, I take a look at the 3 major currency pairs from a technical perspective. Meanwhile, the AUD and the NZD are the biggest movers as they benefit from higher stocks and lower yields as the NA session begins. Needless to say, the situation in the Middle east remain on a knifes edge but Trump says they will end the war very quickly but has not ruled out more conflict as well. Today, in review, UK inflation came in softer than expected in April, with headline CPI slowing to 2.8% year-over-year versus the 3.0% estimate and down from 3.3% previously, while core CPI eased to 2.5% from 3.1%. The biggest surprise came from services inflation, which fell sharply to 3.2% from 4.5%, helped by softer monthly price gains and a number of temporary factors. Much of the downside pressure came from housing-related costs as lower electricity and gas prices weighed on inflation, while comparisons to last year’s sharp increases in water and sewage bills also created favorable base effects. Airfares were another major drag, with prices falling this April compared to a large surge a year ago. Despite the softer report, the details suggest this is not necessarily a sign of a lasting shift lower in UK inflation. Instead, many of the declines were driven by one-off distortions and base effects, while the broader inflation outlook remains clouded by rising energy prices tied to the ongoing US-Iran conflict. Eurozone inflation accelerated further in April, with headline CPI confirmed at 3.0% year-over-year, up from 2.6% in March, largely driven by another sharp increase in energy prices tied to the ongoing Middle East conflict. Energy inflation rose 10.8% annually, a significant jump from 5.1% previously, while monthly energy prices climbed 3.0%, making it the primary driver behind the stronger headline reading. The better news for the ECB was that core inflation remained contained, easing slightly to 2.2% from 2.3%, suggesting that broader underlying price pressures have not yet fully absorbed the higher energy costs. Services inflation also cooled modestly to 3.0% from 3.3%, while food inflation held relatively steady near 2.4%. However, the overall report still points to building inflation pressures as elevated energy costs increasingly filter through the broader economy. With the US-Iran conflict continuing and no clear resolution in sight, inflation in the euro area is expected to remain supported through Q2 and likely into the early part of Q3. Looking at the pre-market for US stocks, futures are implying higher levels Dow industrial average is up 110 point S&P index is up 27 point NASDAQ index is up 176 points After the close: the long-awaited Nvidia earnings will be released with expectations of EPS of $1.77 on revenues of $78.9 billion (of course the whisper number would be higher). Looking at the US debt market, yields are modestly lower: 2 year yield 4.095%, -2.7 basis points 5 year yield 4.299%, -3.0 basis points 10 year yield 4.643%, -2.6 basis points 30 year yield 5.166%, -5 basis points in other markets: Gold is up $14.33 or 0.32% at $4497.77 as it reacts to the lower rates Silver is up $2.11 or 2.84% at $75.74. Crude oil is down $1.50 at $102.54 Bitcoin is up $500 and $77,305 This article was written by Greg Michalowski at investinglive.com.

Integrity note  ·  Xela does not rewrite or paraphrase article content. The excerpt above is the source publication's own words, sanitized for display. For the full piece — including any quotes, charts, or images — read it at Forexlive. Xela's rewritten version is off for this story, so there's no editorial angle attached — you're getting the source's reporting unfiltered. When the rewrite is on, we add a What this means block underneath with the operator/trader takeaway.

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investingLive Americas FX news wrap 31 Jul; It's a wrap for the month of July
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investingLive Americas FX news wrap 31 Jul; It's a wrap for the month of July

The Bank of Japan left its policy rate unchanged at 1.00%, as widely expected, although board member Takata dissented in favor of a 25-basis-point rate increase. While the policy decision itself had little lasting impact, traders focused instead on the BOJ's modestly more optimistic economic outlook, ongoing inflation risks, and the possibility that authorities remain willing to act if the yen comes under renewed pressure. Overall, Friday's trading was driven less by broad U.S. dollar flows and more by Japan-specific developments, with intervention speculation keeping the yen at the center of attention while most other major currencies traded in relatively narrow ranges. USD fell 1.07% vs the Japanese yen (USDJPY 157.80). USD fell 0.06% vs the euro (EURUSD 1.1534).For a technical view, USD fell 0.14% vs the British pound (GBPUSD 1.3483). For a technical view, USD fell 0.19% vs the Australian dollar (AUDUSD 0.7038). For a technical view, USD fell 0.24% vs the New Zealand dollar (NZDUSD 0.5892). USD rose 0.32% vs the Swiss franc (USDCHF 0.8076). USD rose 0.06% vs the Canadian dollar (USDCAD 1.4018).For a technical view, In central bank news, the 3 Fed dissenters did give their views which is becoming a tradition on the Friday after the meeting. All three dissenters—Neel Kashkari, Beth Hammack, and Lorie Logan—delivered a consistent message explaining why they favored a 25 basis point rate hike at this week's FOMC meeting. Each argued that inflation remains too high and is not on a credible path back to the Fed's 2% target without additional policy tightening. Kashkari emphasized that repeated supply shocks and growing demand from areas such as data center investment have increased the risk of inflation becoming entrenched, making a series of gradual rate increases the more prudent approach. Hammack stressed that current policy is not restrictive enough, warning that delaying action would only make inflation harder to control while the labor market remains resilient. Logan echoed those concerns, arguing that inflation risks remain skewed to the upside, monetary policy is not sufficiently restraining the economy, and a modest rate hike now would reduce the likelihood of more aggressive tightening later. Collectively, the three dissents reinforced the hawkish view that acting sooner with incremental rate increases is preferable to waiting until inflation forces a more forceful response. Richmond Fed President Tom Barkin also spoke and described this week's rate decision as a "close call," signaling that he sees the current policy stance as being near the appropriate level but is not yet convinced that another rate hike is warranted. While acknowledging that inflation pressures continue to filter unevenly through the economy, Barkin remains skeptical that the labor market has strengthened enough to justify additional tightening. He declined to say whether he would have joined the three dissenters who favored a rate increase, leaving his position balanced between the Fed's hold decision and the hawkish push for higher rates. Overall, Barkin appears to be taking a wait-and-see approach, remaining on the fence as he looks for clearer evidence from upcoming inflation and labor market data. The market continued to push yields higher out the curve with the 10 year up 5.1 basis points to 4.714%. The 30 year rose 5.5 basis points today to 5.261%. For the month, yields moved sharply higher with a steepening bias. 2 year rose 9.2 bps 5 year rose 20 bps 10 year +25 bps 30 year 31.6 bps Stock indices closed higher on the day For the month the Nasdaq fell -3.20%, while the Dow and the S&P end the month little changed. This article was written by Greg Michalowski at investinglive.com.

ForexliveSingle source
investingLive Americas FX news wrap 31 Jul; It's a wrap for the month of July
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ForexliveSingle source
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GBPUSD buyers push the price above a swing area target.

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