Created
: 2024.05.09
2024.05.09 02:29
Another constructive session saw the Greenback gather extra steam and advance to three-day peaks on Wednesday, propped up by the equally firm rebound in US yields as well as the steady conviction of interest rate cuts by the Fed later in the year.
The USD Index (DXY) edged higher and extended its breakout of the 105.00 barrier, helped by the upbeat tone in US yields across the curve and the generalized selling bias in the risk complex. On May 9, the usual weekly Initial Jobless Claims are due, seconded by the Fed's Daly.
Further gains in the US Dollar kept the price action around EUR/USD depressed for the second session in a row on Wednesday. Absent releases on the euro docket, the focus of attention will be on comments by the ECB's Mc Caul, Cipollone, and de Guindos on May 9.
GBP/USD remained on the defensive, although it managed to bounce off multi-session lows near 1.2470 prior to the BoE's interest rate decision on Thursday. The BoE is widely expected to keep its policy rate unchanged on May 9. In addition, BoE's Bailey and Pill are due to speak.
There was no respite to the selling pressure in the Japanese yen, which eventually lifted USD/JPY to five-day highs north of the 155.00 hurdle. On May 9, weekly Foreign Bond Investment readings are due along with the BoJ Summary of Opinions and the preliminary prints of the Coincident Index and the Leading Economic Index.
AUD/USD succumbed to the increasing buying impetus in the greenback, revisiting multi-day lows near 0.6560. The next data release in Oz will be the Wage Price Index on May 15.
Prices of WTI kept their consolidative fashion in the lower end of the recent range, always below the key $80.00 mark per barrel.
Gold prices ended the session barely changing around the $2,300 zone per troy ounce amidst the better tone in the Dollar and higher US yields. Its cousin Silver faded Tuesday's pullback, although the bullish move struggled to surpass the $27.50 region.
Created
: 2024.05.09
Last updated
: 2024.05.09
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