The US Dollar climbed to multi-day highs on the back of diminishing bets of a rate cut in September, strong data from US business activity in May and a hawkish tilt from the FOMC Minutes.
Here is what you need to know on Friday, May 24:
The USD Index (DXY) rose to multi-session tops north of the 105.00 hurdle underpinned by the tighter-for-longer narrative around the Fed and higher yields. On May 24, Durable Goods Orders will take centre stage along with the final Michigan Consumer Sentiment and the speech by FOMC’s Waller.
EUR/USD clocked its fourth consecutive session of losses and challenged the 1.0800 support. The final Q1 GDP Growth Rate in Germany will be in the spotlight on May 24.
GBP/USD reversed four daily advances in a row and retreated from recent peaks near 1.2760. On May 24, the Consumer Confidence tracked by GfK comes in the first turn seconded by Retail Sales.
USD/JPY surpassed the 157.00 barrier and printed two-week tops amidst the dollar’s rebound and rising US yields. In Japan, the Inflation Rate, Core Inflation Rate and Inflation Rate Ex-Food and Energy for the month of April are due on May 24.
Further weakness saw AUD/USD add to the ongoing weekly retracement and breach the 0.6600 support on the back of the stronger Dollar and the generalized sour sentiment in the risk complex.
WTI prices remained on the back foot and reached new lows near the $76.00 mark per barrel following further buying pressure in the greenback and renewed speculation that the Fed might keep its restrictive stance for longer.
Prices of Gold charted heavy losses and revisited the $2,330 zone per troy ounce following the Dollar’s bounce and increasing yields. By the same token, prices of the ounce of Silver extended the drop to the boundaries of the $30.00 mark.
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.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/forex-today-data-continues-to-rule-the-sentiment-202405231901
