The US Dollar (USD) maintained its bullish bias unchanged for the second day in a row on Wednesday amid steady optimism on the trade front, while a cautious tone from the FOMC Minutes also collaborated with the daily advance.
Here’s what to watch on Thursday, May 29:
The US Dollar Index (DXY) added to Tuesday’s recovery, retargeting the psychological 100.00 barrier amid mixed developments from US yields across the board. The second estimate of Q1 GDP Growth Rate takes centre stage, seconded by the weely Initial Jobless Claims, Pending Home Sales, and the EIA’s weekly report on US crude oil stockpiles. In addition, the Fed’s Barkin, Goolsbee, and Daly are all due to speak.
The intense rebound in the Greenback put the EUR/USD under extra downside pressure, testing the 1.1300 support. Next of note on the domestic calendar will be Germany’s Retail Sales and the preliminary Inflation Rate, all expected on May 30.
GBP/USD receded to three-day lows, breaking below the 1.3500 contention zone to retest the mid-1.3400s amid the generalised offered stance in the risk-associated space. The next data releases across the Channel will be on June 2, when Mortgage Approvals/Lending are scheduled along with the final S&P Global Manufacturing PMI and Nationwide Housing Prices.
Extra weakness in the Japanese currency lifted USD/JPY to multi-day peaks near the 145.00 hurdle. The weekly Foreign Bond Investment figures will be the only release on the Japanese docket.
AUD/USD built on weekly losses and came close to the key support around the 0.6400 mark, down for the third straight day. The key Private Capital Expenditure reading is due in Oz.
The resumption of supply concerns lent support to crude oil and prompted the barrel of WTI to reverse part of the recent weakness and briefly retest the $62.00 mark on Wednesday. Traders, in the meantime, have largely priced in the OPEC+ decision to hike oil output.
Gold prices alternated gains with losses around the $3,300 region per troy ounce following alleviating concerns on the trade front and steady geopolitical effervescence. Silver prices added to Tuesday’s retracement, challenging once again the $33.00 zone per ounce.
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The US Dollar (USD) maintained its bullish bias unchanged for the second day in a row on Wednesday amid steady optimism on the trade front, while a cautious tone from the FOMC Minutes also collaborated with the daily advance.
Here’s what to watch on Thursday, May 29:
The US Dollar Index (DXY) added to Tuesday’s recovery, retargeting the psychological 100.00 barrier amid mixed developments from US yields across the board. The second estimate of Q1 GDP Growth Rate takes centre stage, seconded by the weely Initial Jobless Claims, Pending Home Sales, and the EIA’s weekly report on US crude oil stockpiles. In addition, the Fed’s Barkin, Goolsbee, and Daly are all due to speak.
The intense rebound in the Greenback put the EUR/USD under extra downside pressure, testing the 1.1300 support. Next of note on the domestic calendar will be Germany’s Retail Sales and the preliminary Inflation Rate, all expected on May 30.
GBP/USD receded to three-day lows, breaking below the 1.3500 contention zone to retest the mid-1.3400s amid the generalised offered stance in the risk-associated space. The next data releases across the Channel will be on June 2, when Mortgage Approvals/Lending are scheduled along with the final S&P Global Manufacturing PMI and Nationwide Housing Prices.
Extra weakness in the Japanese currency lifted USD/JPY to multi-day peaks near the 145.00 hurdle. The weekly Foreign Bond Investment figures will be the only release on the Japanese docket.
AUD/USD built on weekly losses and came close to the key support around the 0.6400 mark, down for the third straight day. The key Private Capital Expenditure reading is due in Oz.
The resumption of supply concerns lent support to crude oil and prompted the barrel of WTI to reverse part of the recent weakness and briefly retest the $62.00 mark on Wednesday. Traders, in the meantime, have largely priced in the OPEC+ decision to hike oil output.
Gold prices alternated gains with losses around the $3,300 region per troy ounce following alleviating concerns on the trade front and steady geopolitical effervescence. Silver prices added to Tuesday’s retracement, challenging once again the $33.00 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. 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.
