The Reserve Bank of Australia is scheduled to publish its minutes on Tuesday. In addition, Chinese data will be released, while the UK will release employment figures and the Eurozone growth data. In addition, US President Biden will meet with McCarthy, and the Retail Sales data will be published in the United States.
Here’s what you need to know on Tuesday, May 16:
He Dollar fell on Monday, while stock prices rose slightly on Wall Street. US yields rose again, with the 10-year Treasury yield above 3.50%, and the 2-year yield above 4.0%.
US economic data surprised to the downside, with the New York Manufacturing Empire falling from 10.8 to -31.8, the biggest drop since April 2020. Retail Sales data will be released on Tuesday.
Market participants will continue to watch the debt ceiling drama closely; The White House announced that President Biden will meet with House Speaker Kevin McCarthy on Tuesday.
The EUR/USD pair rose from monthly lows and closed around 1.0870. The euro fell on Monday; Eurozone GDP and Employment data will be published on Tuesday.
GBP/USD rose back above 1.2500 and EUR/GBP posted its lowest daily close in five months below 0.8680. UK jobs will be reported on Tuesday.
The Japanese yen was the worst performing currency, affected by rising government bond yields. USD/JPY rose for the third day in a row, breaking above 136.00 points.
The AUD/USD pair bounced, erasing Friday’s losses and reclaiming the 0.6700 level. On Tuesday, the Reserve Bank of Australia (RBA) will publish the minutes of its last meeting; the employment report will be released on Thursday.
The NZD/USD pair rose after losing 180 points during the previous two sessions, approaching 0.6250.
USD/CAD fell back to 1.3450, weakened by the fall in the US dollar and the recovery in crude oil prices, which rose 1.80%. Canada will report April consumer inflation on Tuesday.
Gold rose slightly but failed to stay above $2,020/oz; the silver it closed above $24.00.
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
