The US dollar (USD) regained some ground and managed to shake off two consecutive daily retracements on Tuesday (5/27), as US investors returned to their desks after the Memorial Day holiday on Monday. Meanwhile, traders focused on the trade front as well as the Senate debate on Trump's sweeping tax bill.
Here's what to watch for Wednesday, May 28:
The US Dollar Index (DXY) bounced off a multi-week trough on Tuesday, rising to a two-day high near 99.60 amid a decline in US yields across the curve. The release of the FOMC Minutes from the May 7 meeting will be the key event, followed by the weekly MBA Mortgage Applications, the Richmond Fed Manufacturing Index, and the API's weekly report on US crude oil inventories. Additionally, Fed's Williams and Kashkari will speak.
EUR/USD once again met stiff resistance just above the 1.1400 level, slipping back into negative territory following a slight uptick in the US dollar. The German labor market report will be in the spotlight, followed by Import Prices, while the ECB will release its Consumer Inflation Expectations survey.
GBP/USD alternately fluctuates just below the 1.3400 level amid a goodish recovery in the Greenback. BoE's Pill will speak.
Further depreciation of the Japanese Yen provides fresh impetus to USD/JPY, pushing the pair to reclaim the 144.00 level and above. Next on the Japanese calendar are weekly Foreign Bond Investment and May Consumer Confidence data, all expected on May 29.
AUD/USD adds to its recent rejection from yearly tops above 0.6500 and retreats to the 0.6440 zone, where it meets some resistance for the time being. The RBA's Monthly CPI and Construction Work Done indicators are due later.
WTI prices fell for the second straight day on Tuesday, approaching the key $60.00 per barrel level as traders remained cautious ahead of the OPEC+ meeting, while easing geopolitical concerns also contributed to the correction.
Gold prices extended Monday's pessimism and approached a three-day low near $3,280 per troy ounce following a stronger US dollar and easing trade concerns. Silver prices lost momentum and returned to the $32.80 per ounce zone, an area that coincides with the 55-day SMA. (alg)
Source: FXstreet
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