Forex Today: Light data releases in China and Europe come to the fore

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.