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Forex Today – Asian Session: Fed's cautious speeches and some data strengthened the Dollar

The Dollar regained some balance and managed to partially reverse its recent strong selling bias, especially following the US CPI data. Meanwhile, Fed officials were cautious about inflation and the likelihood of rate cuts later in the year.

Here's what you need to know on Friday, May 17:

The US Dollar Index (DXY) managed a decent bounce after hitting multi-week lows near 104.00 earlier in the session. On May 17, the CB Leading Index and the speech of Fed Governor Christian Waller are expected.

EUR/USD faced some bearish pressure after reaching new highs near the 1.0900 region. The final inflation rate in the broader Euroland is expected only on May 17.

GBP/USD followed its risk-associated peers and returned to levels below 1.2700 in response to the decent rebound in the US Dollar. On May 17, the BoE's Catherine Mann is scheduled to speak.

USD/JPY regained upside traction and regained some of the ground lost after Wednesday's sell-off, advancing past the 155.00 barrier amid the dollar's recovery and a rise in yields.

AUD/USD moderated some of the strong weekly advance and came under pressure shortly after hitting new highs north of the 0.6700 hurdle.

WTI prices kept their range-bound theme in place for another session, always below $80.00, as traders assessed the recent drop in US inventories and likely rate cuts by the Fed.

Gold prices corrected lower and retreated from the region of $2,400 per troy ounce due to the slight rebound in the Dollar and higher yields. Silver flirted with annual highs near $30.00 per ounce.

Source: Fx Street

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