What you need to know on Friday, May 14:
The US currency maintained its strength, reaching new weekly highs against most major rivals. However, demand for the dollar lost momentum after the release of encouraging data related to the US Unemployment claims fell to 439,000 in the first week of May, its lowest reading since March 2020.
Yields on US Treasuries fell, with the yield on the 10-year note hitting 1.70% and then hitting 1.66%. Stocks rallied, with US indices closing with substantial gains and cutting most of Wednesday’s losses.
However, producer prices in the US rose more than expected, another sign that inflation is on the rise. All eyes are now on US retail sales, which were down 0.2% MoM in April.
The major pairs closed mixed, not far from their opening levels, with the dollar slightly lower against its European rivals and the yen (safe haven). The USD / CAD pair stands out as it rose to 1.2202 due to falling oil prices. The WTI closed at $ 63.70 a barrel. Gold, on the other hand, regained some ground and ended the day at around $ 1,826 per troy ounce.
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