# Forex Major Currencies Outlook (May 06, 2016) Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-06-2016/ Language: en Updated: 2016-05-06 Description: Explore Forex Major Currencies Outlook (May 06, 2016). USDDollar. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. **USD** Dollar pairs were mostly stuck in consolidation in the US trading session as traders probably lightened their positions ahead of the NFP release Challenger job cuts increased 5.8% year-over-year or by 65K, a slower pace compared to the previous month’s jump. Initial jobless claims landed at 274K versus the estimated 261K reading. Analysts are expecting to see 203K in hiring gains for April, which might keep the jobless rate unchanged at 5.0%, while average hourly earnings could show another 0.3% gain. **EUR** The euro retreated against most of its forex peers as European banks were closed on a holiday yesterday. Only the retail PMI is up for release today and a rise from the earlier 49.2 reading could be positive for the shared currency. **GBP** The pound seemed unfazed by weaker than expected services PMI, as the reading fell from 53.7 to 52.3 versus the projected dip to 53.6. The election in London, which would lead to Boris Johnson’s replacement, inspired a fresh round of anti-Brexit sentiments and allowed the currency to stay supported. There are no reports due from the UK today. **CHF** The franc sold off sharply in the latter trading sessions, although there seemed to be no clear catalyst scheduled. Traders probably liquidated some of their holdings ahead of today’s Swiss foreign currency reserves data release, as this might indicate intervention efforts. **JPY** The yen consolidated to the dollar but resumed its climb to the commodity currencies in the latter sessions as risk aversion took hold. Japanese traders are returning from their holidays today but no reports are scheduled for release from Japan. **Commodity Currencies (AUD, NZD, CAD)** The comdolls gave way to risk aversion and this selloff was worsened by today’s RBA monetary policy statement release. The report featured a downgrade on inflation forecasts, suggesting that there may be scope for further easing. Canadian building permits slumped by 7% instead of the projected 4.6% drop. Canada’s jobs report is due today and a 0.2K increase in hiring is eyed, lower than the earlier 40.6K gain. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-06-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-06-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-06-2016/", "headline": "Forex Major Currencies Outlook (May 06, 2016)", "inLanguage": "en", "datePublished": "2016-05-06T06:44:55+00:00", "dateModified": "2016-05-06T06:44:55+00:00", "articleSection": "Market Info", "description": "Explore Forex Major Currencies Outlook (May 06, 2016). USDDollar. 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