Forex Today: Dollar keeps falling as Wall Street flirts with record highs
|What you need to know on Tuesday, May 9th:
It was a quiet start to the week, amid a holiday in Australia and a scarce macroeconomic calendar. European equities spent the day struggling around their opening levels, providing little clues. Things changed in the US session as Wall Street rallied, with the NASDAQ reaching an all-time high. The greenback came under selling pressure even against high-yielding rivals. EUR/USD was a lager, spending the day hovering around the 1.1300 level.
The GBP/USD pair traded as low as 1.2667, undermined by the lack of progress in EU-UK post-Brexit talks, but ended the day in the 1.2730 region, reaching fresh three-month highs amid prevalent dollar’s weakness.
The USD/JPY lost over 100 pips, trimming most of the previous week gains, without a clear catalyst. US Treasury yields eased from their intraday peaks but held far from their recent lows. The 10-year Treasury note settled at 0.87%.
The Trump administration announced it’s planning on signing the Uyghur human rights bill that condemns China's government for detention centers and the persecution of Muslims. The decision will clearly increase tensions between the two countries.
Gold recovered on the back of the dollar’s weakness, reaching the 1,700 threshold at the end of the day. Crude oil prices, on the other hand, edged lower. Nevertheless, the AUD and the CAD reached fresh multi-week highs against the greenback.
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