The Greenback managed to regain some late traction and trimmed most of its daily losses amidst a decent bounce in US yields and diminishing expectations of a rate cut by the Fed in September.
Here is what you need to know on Wednesday, May 29:
The USD Index (DXY) rebounded from multi-day lows near 104.30 on the back of te strong comeback of US yields. On May 29, weekly Mortgage Applications are due seconded by the Fed’s Beige Book. In addition, Fed’s Williams is due to speak.
EUR/USD failed to sustain the early move to the vicinity of the 1.0900 region, eventually succumbing to the Dollar’s bounce. Germany’s Consumer Confidence tracked by GfK is expected on May 29 along with the flash Inflation Rate for the month of May.
GBP/USD retested the 1.2800 level for the first time since mid-March, although that move ran out of steam towards the end of the NA session. There are no data releases scheduled across the Channel on May 29.
The dollar’s late recovery and the decent bounce in US yields across the curve prompted USD/JPY to poke with multi-week tops beyond 157.00. IN Japan, the Consumer Confidence gauge will be released on May 29 seconded by the speech by BoJ Adachi.
AUD/USD ended Tuesday’s session with marginal losses after advancing to four-day highs near 0.6680. On May 29, the Westpac Leading Index is due along with the RBA’s Monthly CPI Indicator.
WTI prices rose further and surpassed the key $80.00 mark per barrel mainly on hopes that the OPEC+ would maintain its crude oil output cuts unchanged at the cartel’s meeting over the weekend.
Prices of Gold edged higher and broke above the $2,360 mark per troy ounce despite the bounce in the dollar and US yields, while prudence remained on the rise prior to the release of US PCE later in the week. Silver gathered extra pace and advanced for the third session in a row, this time surpassing the $32.00 mark 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays around 1.0300 ahead of FOMC Minutes
EUR/USD stays under heavy selling pressure and trades around 1.0300 on Wednesday. News of US President-elect Donald Trump planning to declare an economic emergency to allow for a new tariff plan weighs on risk mood. US ADP misses expectations with 122K vs 140 anticipated.
GBP/USD drops to fresh multi-month lows, hovers around 1.2350
GBP/USD remains on the back foot and trades at its weakest level since April, around 1.2350. The risk-averse market atmosphere on growing concerns over an aggressive tariff policy by President-elect Donald Trump drags the pair lower as focus shifts to US FOMC Minutes.
Gold pressures fresh multi-week highs
Gold price (XAU/USD) advances modestly in a risk-averse environment. The benchmark 10-year US Treasury bond yield holds at its highest level since late April near 4.7%, making it difficult for XAU/USD ahead of FOMC Minutes.
Fed Minutes Preview: Key Insights on December rate cut and future policy plans
The Minutes of the Fed’s December 17-18 policy meeting will be published on Wednesday. Details surrounding the discussions on the decision to trim interest rates by 25 basis points will be scrutinized by investors.
Bitcoin edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.