Forex Today: Focus now shifts to UK inflation data

The US Dollar (USD) traded in a negative fashion, extending Monday's losses and revisiting the area of multi-day lows. Indeed, renewed concerns over the US economy kept the currency under pressure on Tuesday, while fresh trade jitters also contributed to the sour mood. 

Here's what to watch on Wednesday, May 21:

The US Dollar Index (DXY) tested once again the proximity of the psychological 100.00 support amid rising US yields and fresh jitters over the health of the US economy. Next on tap on the US docket will be the usual MBA Mortgage Applications data, seconded by the EIA's weekly report on US crude oil inventories. Additionally, the Fed's Daly, Hammack, and Barkin are due to speak.

EUR/USD rose further and revisited the 1.1280 region once again in response to the bearish price action in the Greenback. The ECB will publish its Financial Stability Review, seconded by the speech by P. Lane.

GBP/USD clocked humble gains, adding to Monday's advance and coming at shouting distance from the 1.3400 barrier. The UK docket will include the key Inflation Rate for April.

USD/JPY extended its leg lower to fresh two-week troughs near the 144.00 zone, down for the sixth consecutive day. Japan's Balance of Trade figures are due next.

AUD/USD set aside Monday's strong advance and refocused on the downside as traders assessed the dovish cut by the RBA. Next in Oz, Westpac will publish its Leading Index.

WTI extended its weekly recovery north of the $62.00 mark per barrel amid steady caution on the US-Iran talks and Chinese data. 

Gold added to Monday's optimism and advanced to multi-day highs near the $3,290 mark per troy ounce on the back of rising prudence on the geopolitical scenario and US trade policy. Silver prices followed suit, up for the second day in a row and rallying to five-day highs past the $33.00 mark per ounce.