Forex Today: Dollar pares gains but retain gains
|What you need to know on Friday, May 14:
The American currency retained its strength, reaching fresh weekly highs against most major rivals. However, demand for the greenback lost momentum after the release of encouraging US related data. Unemployment claims decreased to 439K in the first week of May, its lowest reading since March 2020.
US Treasury yields retreated, with the yield on the 10-year note hitting 1.70% to then settle at 1.66%. Stocks bounced back, with US indexes closing with substantial gains and trimming most of Wednesday’s losses.
However, producer prices in the US rose by more than anticipated, another sign of heating inflation. All eyes now turn to US Retail Sales, seen contracting by 0.2% MoM in April.
Major pairs closed mixed, not far from their opening levels, with the greenback marginally lower against its European rivals and safe-haven yen. The USD/CAD pair out-stands, as it surged to 1.2202 on the back of falling oil prices. WTI settled at $ 63.70 a barrel. Gold, on the other hand, recovered some ground and finished the day around $ 1,826 a troy ounce.
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