What you need to know on Tuesday, May 11:
The dollar began the week by extending its slide amid the poor US employment report released on Friday, but managed to regain some ground during US business hours. A slim macroeconomic calendar kept major companies within Limited intraday ranges as investors expect US employment figures to be released later this week.
The EUR / USD pair peaked at 1.2177 but ended the day unchanged at the 1.2140 price zone. GBP / USD soared as investors chose to ignore lingering political risks. British Prime Minister Boris Johnson called for talks with Scotland, Wales and Northern Ireland on Sunday after the Scottish independence party SNP won parliamentary elections. On a positive note, local elections in the UK further strengthened Conservative Prime Minister Boris Johnson’s party, and the opposing Labor party lost a parliamentary seat.
Commodity-linked currencies hit new multi-month highs against the dollar as base metals rallied. Copper hit all-time highs, while gold posted a three-month intraday high. Metals fell before the close. Oil prices posted a gap to the upside, but ended the day in the red, with WTI closing at $ 64.75 a barrel.
Markets are in wait-and-see mode the United States will report inflation figures on Wednesday and retail sales on Thursday.
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