Forex Today: Fed rate cut bets dominate the scene
|The Greenback extended its recovery and printed fresh multi-day highs amidst the persistent move higher in US yields and shrinking bets of a Fed rate cut in September.
Here is what you need to know on Thursday, May 30:
The USD Index (DXY) rose further and trespassed the key 105.00 barrier amidst multi-week tops in US yields. On May 30, another revision of the Q1 GDP Growth Rate is due, seconded by weekly Initial Jobless Claims, Goods Trade Balance, and Pending Home Sales. In addition, Fed’s Bostic, Williams, and Logan are due to speak.
EUR/USD traded well on the defensive and challenged the 1.0800 region despite the German flash CPI ticking higher in May.The EMU’s final Consumer Confidence, Economic and Industrial Sentiment and the Unemployment Rate will all be unveiled on May 30.
GBP/USD dropped to three-day lows and pierced the 1.2700 support on the back of the stronger Dollar. April’s Car Production will be the only release across the Channel on May 30.
Further gains in the Greenback and an extra advance in US yields prompted USD/JPY to climb to new highs around 157.70. In the Japanese calendar, the usual weekly Foreign Bond Investment figures are expected on May 30.
AUD/USD added to Tuesday’s pullback and put the 0.6600 contention zone to the test against the backdrop of further bearishness hurting the risk-associated assets. On May 30, Building Permits are due along with the speech by RBA’s Hunter.
The persevering march north in the Dollar prompted WTI prices to halt a three-session positive streak and return to the $79.00 region.
Gold prices succumbed to the Greenback’s sharp advance and the robust performance of US yields across the curve, revisiting once again the vicinity of $2,330 per troy ounce. Silver prices clung to the upper end of the range, receding marginally to the $32.00 zone per ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.