Forex Today: The dollar remains on the defensive heading into the weekend

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This is what you need to know to trade today friday may 20:

The US dollar index posted its biggest one-day drop since early March, shedding more than 1% on the day. The sharp drop in US Treasury bond yields hampered demand for the greenback despite risk aversion. Markets remain relatively quiet early on Friday, but US stock index futures are trading higher, pointing to an improving market mood heading into the weekend. The European Commission will publish consumer confidence data for May later in the session.

The yield on the 10-year US Treasury note fell to its lowest level in almost a month on Thursday, at 2.77%, before rebounding. The S&P 500 index it has lost more than 3% this week and remains on track to close the seventh consecutive week in negative territory. Investors are increasingly concerned about the possibility of the US economy slipping into recession as the US Federal Reserve remains on a tightening path even as consumer activity continues to weaken.

The EUR/USD took advantage of the selling pressure surrounding the dollar and rose to its highest level in two weeks above 1.0600. The pair remains in a consolidation phase slightly below 1.0600 early on Friday. The German agency Destatis reported that the Producer Price Index (PPI) rose to 33.5% annually in April, compared to the market expectation of 31.5%.

The GBP/USD extended its weekly rebound after Wednesday’s disappointing performance. At the time of writing, the pair was posting small daily gains and was approaching 1.2500. Data released by the UK’s Office for National Statistics earlier in the day showed retail sales rose 1.4% in April, beating analysts’ estimate of a 0.2% decline.

The USD/JPY remains below 128.00 in European morning, after dipping during Asian trading. Japan’s Bureau of Statistics announced on Friday that the National Consumer Price Index rose 2.5% annually in April, widely beating the market forecast of 1.5%.

The Prayed gained more than 1% on Thursday and closed the day above the critical 200-day SMA. XAU/USD is holding on to small daily gains early on Friday and is trading slightly below $1,850. The US 10-year yield remains in positive territory, limiting the pair’s upside for now.

The Bitcoin it was up 5% on Friday and appears to have stabilized above the key $30,000 level on Friday. Ethereum is trading sideways in a tight range just above $2,000 after Thursday’s bounce.

Source: Fx Street

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