Forex Today: Data continues to rule the sentiment
|The US Dollar climbed to multi-day highs on the back of diminishing bets of a rate cut in September, strong data from US business activity in May and a hawkish tilt from the FOMC Minutes.
Here is what you need to know on Friday, May 24:
The USD Index (DXY) rose to multi-session tops north of the 105.00 hurdle underpinned by the tighter-for-longer narrative around the Fed and higher yields. On May 24, Durable Goods Orders will take centre stage along with the final Michigan Consumer Sentiment and the speech by FOMC’s Waller.
EUR/USD clocked its fourth consecutive session of losses and challenged the 1.0800 support. The final Q1 GDP Growth Rate in Germany will be in the spotlight on May 24.
GBP/USD reversed four daily advances in a row and retreated from recent peaks near 1.2760. On May 24, the Consumer Confidence tracked by GfK comes in the first turn seconded by Retail Sales.
USD/JPY surpassed the 157.00 barrier and printed two-week tops amidst the dollar’s rebound and rising US yields. In Japan, the Inflation Rate, Core Inflation Rate and Inflation Rate Ex-Food and Energy for the month of April are due on May 24.
Further weakness saw AUD/USD add to the ongoing weekly retracement and breach the 0.6600 support on the back of the stronger Dollar and the generalized sour sentiment in the risk complex.
WTI prices remained on the back foot and reached new lows near the $76.00 mark per barrel following further buying pressure in the greenback and renewed speculation that the Fed might keep its restrictive stance for longer.
Prices of Gold charted heavy losses and revisited the $2,330 zone per troy ounce following the Dollar’s bounce and increasing yields. By the same token, prices of the ounce of Silver extended the drop to the boundaries of the $30.00 mark.
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