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
Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Was...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance rose to 208,000 for the week ending January...
Geopolitical issues have heated up again after statements and political signals from the United States sparked speculation about a possible US takeover of Greenland. Although no concrete action has be...
Private employment rose less than economists expected in December, according to the ADP report. Private employment rose 41,000 (Estimate +50,000) in December, compared with a revised -29,000 in Novem...
Greenland is not only a strategic location, but also a world-class mineral repository. The island holds vast reserves of rare earth elements (REEs), essential for modern technology. These minerals are...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...