What you need to know on Friday, May 28:
The financial markets are in a better mood. It is said that the President of the United States, Joe Bide, will propose a budget of 6 trillion to invest in infrastructure, education, health care and more. Meanwhile, Senate Republicans revealed a $ 928 billion infrastructure investment counteroffer. Wall Street advanced strongly before the open, retreating afterwards, but still ending the day in the green.
Government bond yields also rose, with the yield on the 10-year US Treasury bond at 1.62%, 7 points above weekly lows, to finally settle at around 1.60%.
The dollar ended the day on a mixed basis against its main rivals. EUR / USD is hovering around 1.2200, unable to extend gains. On the other hand, the GBP / USD pair rose beyond 1.4200 after BOE lawmaker Gertjan Vlieghe said the central bank could raise interest in the first half of next year if the labor market recovers faster than the expected. However, it is worth noting that Vlieghe’s term as an external member of the MPC expires in August and cannot be renewed.
AUD / USD held around 0.7740 as gold ended the day unchanged at around $ 1.888 a troy ounce. The loonie appreciated against the dollar as crude oil prices soared, with the USD / CAD trading around 1.2070 and the WTI at $ 66.85 a barrel.
The USD / JPY pair woke up and approached 110.00, its highest level in almost two months.
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