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USD holds tight to 2-month highs; Aussie lifted by Q1 GDP results

US equities looked mixed yesterday at close; data out of the US showed that Personal Income and Personal Spending held or continued to improve during the month of April but US consumer confidence for the previous month declined.

Early into today’s session Chinese manufacturing PMIs for the month of May remained unchanged at 50.1, and the performance of the major equity indices very much reflected the handover taken from the US session as equity indices delivered mixed results.

The US Dollar is holding tight to 2-month highs just off 96 levels on the US Dollar index (DXY) and has risen around 3% in May alone. EURUSD is trading at 1.1119 at the time of writing, but according to TraderTip is expected to be supported at around 1.1091:1.1112 and could potentially resume 1.1163 unless there is a clear break of 1.1091.

The Aussie is enjoying support this morning as well after having closed for 2 consecutive days higher against the USD. AUDUSD is currently at 0.7273. Data issued overnight showed that the GDP growth in the first quarter improved to 1.1% and 3.1% respectively for the quaterly and the yearly basis.

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