Created
: 2024.05.08
2024.05.08 03:38
The Greenback traded with decent gains against the backdrop of a generalized consolidative phase in the global markets, as the FX universe slowly shifted its attention to the release of US CPI next week.
The USD Index (DXY) advanced modestly and managed to revisit the 105.40 region amidst still declining US yields. On May 8, the weekly Mortgage Applications by MBA are due seconded by Wholesale Inventories and speeches by Fed's Jefferson, Collins and Cook.
The resurgence of some selling impetus motivated EUR/USD to return to the 1.0750 zone and give away part of its recent positive streak. On the domestic calendar, Industrial Production in Germany is due on May 8 prior to the publication of the ECB Accounts on May 10.
GBP/USD corrected markedly lower and reversed a multi-day recovery. Cable, in the meantime, needs to clear the key 200-day SMA around 1.2545 to allow for a potential test of recent peaks near 1.2630. Next on tap in the UK docket will be the BoE gathering on May 9.
Further JPY selling sponsored the second consecutive daily advance in USD/JP, this time reclaiming the area beyond the 154.00 yardstick. On May 8, weekly Foreign Bond Investment prints are expected.
AUD/USD appears to have met quite a decent resistance around the 0.6650 region so far. Following the RBA meeting earlier on Tuesday, the next significant release will be the Wage Price Index on May 15.
WTI prices remained slightly on the defensive in the lower end of the recent range as traders gauged geopolitical concerns and prospects of weak demand.
Prices of Gold retreated marginally on the back of the small advance in the Greenback and hopes of a ceasefire in the Middle East. Silver prices, in the meantime, attempted some consolidation in the area of recent peaks around $27.50.
Created
: 2024.05.08
Last updated
: 2024.05.08
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy