The US Dollar (USD) maintained its weekly leg lower well in place, weakening to new two-week lows on the back of rising concerns over the US fiscal position in light of President Trump’s tax bill and worries over the performance of the US economy.
Here’s what to watch on Thursday, May 22:
The US Dollar Index (DXY) retreated for the third consecutive day on Wednesday, breaking below the psychological 100.00 support to hit new two-week troughs. The Chicago Fed National Activity Index is due, seconded by the usual Initial Jobless Claims, Existing Home Sales and the advanced S&P Global Manufacturing and Services PMIs.
EUR/USD surpassed the key 1.1300 barrier and advanced to new two-week highs, always on the back of the intense sell-off in the Greenback. The preliminary HCOB Manufacturing and Services PMIs are expected in Germany and the Euro area, along with Germany’s IFO Business Climate and the release of the European Central Bank (ECB) Monetary Policy Meeting Accounts. In addition, the ECB’s Elderson and De Guindos are due to speak.
GBP/USD reached the 1.3470 zone for the first time since February 2022 following the weaker US Dollar and higher-than-estimated UK inflation data. The Public Sector Net Borrowing figures will be published, followed by the CBI Industrial Trends Orders, and the flash S&P Global Manufacturing and Services PMIs. Furthermore, the BoE’s Pill and Breeden will speak.
There was no respite for the downward trend in USD/JPY. That said, spot dropped for the seventh day in a row, revisiting the mid-143.00s, or two-week troughs. In Japan, Machinery Orders readings are due, ahead of the advanced Jibun Bank Manufacturing and Services PMIs, and the weekly Foreign Bond Investment data. The BoJ’s Noguchi will speak as well.
AUD/USD extended its weekly choppiness and resumed its uptrend, leaving behind Tuesday’s decline and retesting the 0.6460 region. The preliminary S&P Global Manufacturing and Services PMIs are due, while the RBA’s Hauser is also due to speak.
WTI reversed initial gains just above the $64.00 mark per barrel and deflated below $62.00 amid fears of potential supply disruptions and larger-than-expected weekly inventories, as per the EIA’s report.
Gold rose to weekly highs north of the $3,300 mark per troy ounce in response to the selling pressure hurting the US Dollar and persistent geopolitical effervescence. Silver prices, in the meantime, climbed to new three-week tops past the $33.00 mark per ounce.
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The US Dollar (USD) maintained its weekly leg lower well in place, weakening to new two-week lows on the back of rising concerns over the US fiscal position in light of President Trump’s tax bill and worries over the performance of the US economy.
Here’s what to watch on Thursday, May 22:
The US Dollar Index (DXY) retreated for the third consecutive day on Wednesday, breaking below the psychological 100.00 support to hit new two-week troughs. The Chicago Fed National Activity Index is due, seconded by the usual Initial Jobless Claims, Existing Home Sales and the advanced S&P Global Manufacturing and Services PMIs.
EUR/USD surpassed the key 1.1300 barrier and advanced to new two-week highs, always on the back of the intense sell-off in the Greenback. The preliminary HCOB Manufacturing and Services PMIs are expected in Germany and the Euro area, along with Germany’s IFO Business Climate and the release of the European Central Bank (ECB) Monetary Policy Meeting Accounts. In addition, the ECB’s Elderson and De Guindos are due to speak.
GBP/USD reached the 1.3470 zone for the first time since February 2022 following the weaker US Dollar and higher-than-estimated UK inflation data. The Public Sector Net Borrowing figures will be published, followed by the CBI Industrial Trends Orders, and the flash S&P Global Manufacturing and Services PMIs. Furthermore, the BoE’s Pill and Breeden will speak.
There was no respite for the downward trend in USD/JPY. That said, spot dropped for the seventh day in a row, revisiting the mid-143.00s, or two-week troughs. In Japan, Machinery Orders readings are due, ahead of the advanced Jibun Bank Manufacturing and Services PMIs, and the weekly Foreign Bond Investment data. The BoJ’s Noguchi will speak as well.
AUD/USD extended its weekly choppiness and resumed its uptrend, leaving behind Tuesday’s decline and retesting the 0.6460 region. The preliminary S&P Global Manufacturing and Services PMIs are due, while the RBA’s Hauser is also due to speak.
WTI reversed initial gains just above the $64.00 mark per barrel and deflated below $62.00 amid fears of potential supply disruptions and larger-than-expected weekly inventories, as per the EIA’s report.
Gold rose to weekly highs north of the $3,300 mark per troy ounce in response to the selling pressure hurting the US Dollar and persistent geopolitical effervescence. Silver prices, in the meantime, climbed to new three-week tops past the $33.00 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.
