The US dollar hit multi-day highs thanks to declining bets on an interest rate cut in September, strong US business activity data for May and the hawkish trend in the FOMC Minutes.
Here's what you need to know on Friday, May 24:
The USD Index (DXY) hit multi-session highs above the 105.00 barrier, boosted by the Fed's long-term tightening talk and rising yields. On May 24, durable goods orders will take center stage along with final Michigan consumer sentiment and Waller's FOMC speech.
EUR/USD posted its fourth consecutive session of losses and challenged the 1.0800 support. On May 24, the final GDP growth rate for the first quarter in Germany will be known.
GBP/USD reversed four consecutive daily gains and retreated from recent highs near 1.2760. On May 24, GfK consumer confidence will be published, followed by retail sales.
USD/JPY broke through the 157.00 barrier and printed two-week highs amid the rebound in the Dollar and the rise in US yields. In Japan, the inflation rate, core inflation rate, and inflation rate excluding food and energy for the month of April will be published on May 24.
The AUD/USD weakness added to the ongoing weekly pullback and broke above the 0.6600 support, due to the strength of the Dollar and the widespread negative sentiment in the risk space.
WTI prices remained lower and hit new lows near $76.00 per barrel following dollar buying pressure and fresh speculation that the Fed could maintain its restrictive stance for longer.
Gold prices recorded heavy losses and revisited the $2,330 per troy ounce zone following the rebound in the Dollar and rising yields. Similarly, the prices of an ounce of Silver extended the fall to the limits of $30.00.
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.
