Forex Today: Dollar continues to dance at the rhythm of yields
|What you need to know on Friday, May 21:
The dollar gave back the ground gained post-FOMC Minutes, ending Thursday down against all of its major rivals. Government bond yields retreated as investors digested the latest Federal Reserve’s announcement. The yield on the benchmark 10-year Treasury note dropped to 1.627% after flirting with the 1.70% threshold on Wednesday.
Global equities recovered, with all European and American indexes closing in the green and weighing on the greenback. US techs led the recovery in the US, following an encouraging employment-related report, which showed that unemployment claims continued to shrank.
EUR/USD and GBP/USD trimmed post-FOMC losses and approached the monthly highs set earlier this week. Commodity-linked currencies also advanced, despite the poor performance of gold and oil. The bright metal was unable to retain intraday gains and finished the day around $ 1,876 a troy ounce. Crude oil prices were down to fresh weekly lows, with WTI ending the day at $ 62.10 a barrel.
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