Europe Summary and Highlights 12 May

May 12, 2026 10:04 AM UTC

GBP sold as pressure on Starmer ramps up, and gilts spike at open, though trim off support/resistance tests
Oil creeps higher as standoff rolls on, keeping dollar supported

Chart EUR/CHF Update: Gains to remain limited

May 12, 2026 9:56 AM UTC

Little change, as prices extend cautious trade

FX Daily Strategy: N America, May 12th

May 12, 2026 9:25 AM UTC

Volatility keeps compressing though maybe some tensions showing at the edges
No shift in ranges and trends yet, but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
GBP plays the 'political short' trade as gilts spike, though spec mkt was positioned
Foc

Chart USD/CHF Update: Gains to remain limited

May 12, 2026 8:13 AM UTC

Cautious trade is giving way to a drift higher

Chart EUR/GBP Update: Sharp run higher

May 12, 2026 8:07 AM UTC

Choppy trade has given way to a sharp GBP-driven break higher

Psychology for major markets May 12

May 12, 2026 8:02 AM UTC

U.S. Treasury secretary Scott Bessent says U.S. and Japan both believe forex volatility is undesirable

Chart USD Index DXY Update: Edging higher in range

May 12, 2026 7:58 AM UTC

The anticipated break below congestion support at 98.00 has proven shallow

GBP/USD, EUR/GBP flows: Having another stab at the 'political short' trade

May 12, 2026 7:44 AM UTC

Gilts spike at open after further news of Labour push to replace Starmer
Technicals had already suggested some scope for GBP correction
That said, the narrative is a bit one-dimensional, and there is already short spec positioning

Chart EUR/USD Update: Choppy in range

May 12, 2026 7:35 AM UTC

Little change, as prices extend choppy trade within the 1.1750 - 1.1800 range

Chart GBP/JPY Update: Extend consolidation within 212.00/214.00 area

May 12, 2026 7:30 AM UTC

Little change, as prices extend consolidation within the 212.00/214.00 range area

Chart GBP/USD Update: Leaning lower

May 12, 2026 7:28 AM UTC

Choppy trade has been pushed back from congestion resistance at 1.3660

Chart AUD/NZD Update: Room for deeper pullback from April high

May 12, 2026 7:03 AM UTC

Edged up from the 1.2115 low of last week as prices consolidate losses from the 1.2235 April current year high

USD/JPY, EUR/USD, AUD/USD flows: Dollar touch firmer in ranges, firmer on regionals

May 12, 2026 7:01 AM UTC

Further Iran slating keeps dollar supported, but trade still in ranges
Lack of volatility belies uncertainty, while Asia regionals show a bit more dollar impetus
Market still reads glass half empty for JPY in US support

Chart AUD/JPY Update: Extend bounce from 111.30 low

May 12, 2026 6:52 AM UTC

Extend bounce from the 111.30 low of 30 April to reach resistance at the 114.00 congestion

Chart USD/PHP Updates: Focus return to 61.73 historic high

May 12, 2026 6:30 AM UTC

Sharply higher as prices extend bounce from the 60.25 corrective low to return focus to the 61.73, 5 May hightoric high

Chart USD/INR Update: Break to fresh historic high

May 12, 2026 6:04 AM UTC

Bounce from the 94.0800 pullback low has seen rally to reach fresh historic high at 95.6250

Asia Summary and Highlights 12 May

May 12, 2026 5:29 AM UTC

Japan and U.S. reaffirm currency cooperation after Bessent's Tokyo talks
Iran is ready to dilute highly enriched uranium to levels of 3.7% and 20%
Trump said the ceasefire is "on life support"

AUD/USD flows: Mood Sours

May 12, 2026 5:10 AM UTC

Iran is ready to dilute highly enriched uranium to levels of 3.7% and 20%
Trump said the ceasefire is "on life support"

Chart USD/IDR Updates: Break to fresh historic high

May 12, 2026 4:32 AM UTC

Consolidation below the 17437 high of 5 May has given way to break to reach fresh historic high at 17510

Chart USD/CNH Update: Consolidating, but still heavy

May 12, 2026 4:18 AM UTC

Steadied at 6.7900 fresh year low as prices unwind oversold intraday studies but pressure remains on the downside

FX Daily Strategy: Europe, May 12th

May 12, 2026 4:16 AM UTC

Volatility keeps compressing while the 'dash for compute' o/b rally and options arm wrestle goes on
No break in trend but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
Focus starts to turn to US-China meetings

Chart USD/MYR Update: Turned up from test of 3.9100/3.9000 support

May 12, 2026 2:49 AM UTC

Turned up from test of support at the 3.9100/3.9000 area as prices unwind oversold intraday and daily studies

USD/JPY flows: Japan and U.S. Currency Talks

May 12, 2026 2:42 AM UTC

Japan and U.S. reaffirm currency cooperation after Bessent's Tokyo talks

Chart USD/KRW Update: Extending bounce

May 12, 2026 2:35 AM UTC

Sharply higher as prices extend bounce from the 1440.00 low through resistance at the 1475.00 and 1480.00 congestion area