The US Dollar remained under pressure at the start of the new trading week, extending recent losses amid persistent selling interest. Investor focus is now turning to a series of key central bank rate decisions in the days ahead, with the Federal Reserve front and centre.
Here is what you need to know on Tuesday, May 6:
The US Dollar Index (DXY) managed to rebound from daily lows and end Monday’s session with humble losses near the key 100.00 hurdle. The final Balance of Trade data will be in the spotlight, seconded by the API’s weekly report on US crude oil inventories.
EUR/USD faded the initial bull run and advanced marginally around the 1.1300 region on Monday. The final HCOB Services PMIs for Germany and the euro area will be released, as well as Producer Prices in the region.
GBP/USD managed to reverse four consecutive days of losses, meeting support once again in the 1.3270-1.3260 band. Next on tap on the UK calendar will be the final S&P Global Services PMI.
USD/JPY added to Friday’s retracement and revisited the mid-143.00s on the back of a mild pullback in the Greenback. The next data release in Japan wil be the final Jibun Bank Services PMI on May 7.
AUD/USD rose further and faltered just ahead of the key 0.6500 barrier, building on Friday’s advance. Building Permits and Private House Approvals are next on the Australian docket.
Prices of WTI dropped further and approached the area of yearly troughs near the $55.00 mark per barrel following news that the OPEC+ is planning to accelerate its output cuts in June.
Gold prices rose sharply past the $3,300 mark per troy ounce, or multi-day highs, on the back of the selling pressure in the Greenback, while steady safe-haven demand also contributed to the metal’s gains. Silver prices reversed course and set aside four daily drops in a row, finding support around the $32.00 mark per ounce.
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The US Dollar remained under pressure at the start of the new trading week, extending recent losses amid persistent selling interest. Investor focus is now turning to a series of key central bank rate decisions in the days ahead, with the Federal Reserve front and centre.
Here is what you need to know on Tuesday, May 6:
The US Dollar Index (DXY) managed to rebound from daily lows and end Monday’s session with humble losses near the key 100.00 hurdle. The final Balance of Trade data will be in the spotlight, seconded by the API’s weekly report on US crude oil inventories.
EUR/USD faded the initial bull run and advanced marginally around the 1.1300 region on Monday. The final HCOB Services PMIs for Germany and the euro area will be released, as well as Producer Prices in the region.
GBP/USD managed to reverse four consecutive days of losses, meeting support once again in the 1.3270-1.3260 band. Next on tap on the UK calendar will be the final S&P Global Services PMI.
USD/JPY added to Friday’s retracement and revisited the mid-143.00s on the back of a mild pullback in the Greenback. The next data release in Japan wil be the final Jibun Bank Services PMI on May 7.
AUD/USD rose further and faltered just ahead of the key 0.6500 barrier, building on Friday’s advance. Building Permits and Private House Approvals are next on the Australian docket.
Prices of WTI dropped further and approached the area of yearly troughs near the $55.00 mark per barrel following news that the OPEC+ is planning to accelerate its output cuts in June.
Gold prices rose sharply past the $3,300 mark per troy ounce, or multi-day highs, on the back of the selling pressure in the Greenback, while steady safe-haven demand also contributed to the metal’s gains. Silver prices reversed course and set aside four daily drops in a row, finding support around 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.
