The snapshot of the today's strongest and weakest.

NZD is the strongest. The JPY is the strongest.

As May 10th comes to a close, the NZD is the strongest, while the JPY is the weakest.

The NZD was supported ahead of the interest decision and press conference which will be announced at 5:00 PM and 6:00 PM respectively. The RBNZ may look to tighten their bias on the back of higher inflation, growth and a strong housing market.

The JPY weakness? Most was against the NZD, and CAD. The CAD was stronger on the back of higher oil prices today.

The ranges for the day were mixed. The EURUSD, GBPUSD, USDCHF, USDJPY had ranges lower than their 22 day averages. The commodity currencies reached their averages but that was about it.

Tomorrow, is a big day for the UK with the BOE inflation report, interest rate statement and other economic data. Today the GBPUSD rallied into the European session but gave up the gains. The pair found support against the 200 hour MA at the 1.2926 area. The 200 hour MA, 38.2% retracement and trend line stalled that fall. The NY session high could only make it to 1.2956 (30 stinking pips). The 200 bar MA on 5 minute chart comes in at 1.2948 and the NY afternoon session tested that MA and held. If the peak is in place for this pair (3 tops at 1.2985-88 over the last 3 days), then getting below 1.2926 is the initial step. From there, the 1.2902 was the low from Tuesday. Below that level, and the door opens for more selling.

The USDJPY, ticked above the 100 day MA on Monday, extended that momentum on Tuesday and consolidated for most of today. However, in the late NY morning, the price moved back above the 114.00 level and stayed above. It was helped by a reversal in US yields and a weak 10 year auction, that pushed the yield for that benchmark to the 100 day MA at 2.4160% (see post here). The high yield reached 2.4141% - just short of that level, but the USDJPY was still able to stay above the natural level at 114.00. The next targets come in at 114.633 (61.8% of the move down from the December 2016 high and the March high at 115.50.

The EURUSD fell below the 100 bar MA on the 4-hour chart at the 1.0866 level, moved down to the next support floor at 1.0851-56 but held. We are ending the day near the the 100 bar MA on the 4-hour chart.