# Forex Major Currencies Outlook (May 31, 2016) Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-31-2016/ Language: en Updated: 2016-05-31 Description: Explore Forex Major Currencies Outlook (May 31, 2016). USDThe US. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. **USD** The US dollar returned some of its recent gains as the absence of US traders on their Memorial Day holiday left the US session as a profit-taking opportunity. There were no reports released from the US economy then while today has the CB consumer confidence and Chicago PMI on tap. The consumer confidence index is slated to rise from 94.2 to 96.1 while the manufacturing index could climb from 50.4 to 50.8. **EUR** The euro chalked up strong gains against the dollar and the yen but retreated to the commodity currencies when risk appetite appeared to improve. Euro zone data came in mostly weaker than expected, with German import prices falling by 0.1% instead of rising by the estimated 0.4% figure and French consumer spending also sliding lower. German retail sales and unemployment change, along with the French preliminary CPI, are up for release today and another batch of weak readings could mean more declines for the shared currency. Euro zone flash CPI estimates are also lined up. **GBP** The pound managed to stay afloat and extend its gains to the dollar, yen, and euro. There were no reports out of the UK economy yesterday as banks were closed for the holiday and there are still no reports lined up today, allowing traders to react to Brexit polls and price in their expectations for the PMI readings due later on. **CHF** The franc struggled to recover against some of its forex counterparts even as the KOF economic barometer climbed from 102.6 to 102.9 as expected. There are no reports lined up from the Swiss economy today so the franc might take its cue from the euro zone data lined up. **JPY** The yen lost a lot of ground against its peers when more cabinet members confirmed PM Abe’s plans to delay the consumption tax hike from April 2017 to October 2019, putting the government at risk of a credit rating downgrade. Data from Japan was stronger than expected, as household spending fell 0.4% instead of the estimated 1.3% decline while preliminary industrial production rebounded by 0.3%. **Commodity Currencies (AUD, NZD, CAD)** The Aussie got a strong boost from a 3.0% rebound in building approvals when analysts had been expecting a 3.1% decline. Private sector credit came in line with expectations of a 0.5% increase but the current account deficit was wider than expected. Canadian GDP is due next and a 0.1% contraction for March is eyed. *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-31-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-31-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-may-31-2016/", "headline": "Forex Major Currencies Outlook (May 31, 2016)", "inLanguage": "en", "datePublished": "2016-05-31T07:20:38+00:00", "dateModified": "2016-05-31T07:20:38+00:00", "articleSection": "Market Info", "description": "Explore Forex Major Currencies Outlook (May 31, 2016). USDThe US. 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