Forex Today – Asian Session: Dollar Surrenders Despite Risk Aversion

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What to watch for on Friday, May 20:

Despite persistent risk aversion, the US currency reversed course on Thursday and fell across the currency board. Fears revolved around inflationary pressures and slowing economic growth.

Equity markets remained under pressure, with most Asian and European indices closing in the red, albeit off their intraday lows. Wall Street remained under pressure, although losses were limited.

The demand for security continued, with government bonds appreciating and yields falling.

Turkish President Recep Tayyip Erdogan said he would oppose Finland and Sweden joining NATO, while US President Joe Biden stood at the other end of the line, saying his country I would fully support it. Erdogan claims that the Nordic countries serve as a haven for terrorists from the Kurdistan Workers’ Party,

Meanwhile, the UK and the EU are embarking on new tensions over Brexit. The EU ambassador to the UK said the treaty is not open to further negotiations as it is the first attempt to change the rules agreed in the Northern Ireland Protocol.

The EUR/USD pair is trading around 1.0590 after briefly breaching the 1.0600 threshold. The GBP/USD pair remains a handful of pips below the 1.2500 threshold.

The Australian dollar was one of the best performers despite tepid Australian employment data. AUD/USD is holding around 0.7060, its high for the week. The USD/CAD pair is down and is trading around 1.2810.

Swiss Franc soared, and USD/CHF is now trading at 0.9716, while USD/JPY drops to 127.70.

Gold approached $1,950 a troy ounce, and is now trading at $1,842. Oil also rose, with WTI now trading at $108.95 a barrel.

Source: Fx Street

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