The US dollar maintained its well -established sales position for another day on Tuesday in the middle of the omnipresent tariff uncertainty and the usual cautious trade before the decision on the Fed interest rate on Wednesday.
Here is what you need to know on Wednesday, May 7:
The dollar index (DXY) quoted defensive for the third consecutive day, this time by reacting to minimum of several days around 99.30. The FOMC meeting will be the most prominent event, followed by MBA weekly mortgage requests and the EIA crude oil inventories report.
The EUR/USD extended its recovery to the region of 1,1370, rising for the third consecutive day thanks to the intense setback in the dollar. Factory orders in Germany are expected, together with the HCOB construction PMI both in Germany and in the euro zone.
The GBP/USD rose significantly and managed to briefly exceed 1,3400 obstacle on Tuesday. Next, the Global S&P construction PMI will be published through the channel.
The USD/JPY backed a minimum of several days, reviewing the 142.30 area due to greater sale pressure around the US dollar. The Jibun Bank final services will be published.
Additional profits led the aud/USD to quote only a few pips from the key barrier at 0.6500, reaching new annual maximums at the same time. The pair stopped just before the 0.6500 barrier key, building on Friday’s progress. Next in Australia will be the AI Group Industry Index.
The WTI prices took a U -turn and reversed part of the recent strong fall, managing to test the limits of the 60.00 mark by barrel.
A persistent demand for safe refuge, along with renewed geopolitical concerns and commercial concerns, promoted gold prices, leading to the precious metal to new two -week maximums above the 3,400 $ brand per Troy ounce. Silver prices shot at a maximum of several days, recovering the area beyond the 33.00 mark per ounce.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
