Forex Today: Mood improves, dollar remains strong
|What you need to know on Friday, May 15th:
The American dollar remained the strongest, surging against most major rivals after US President Trump backed a stronger dollar. His words came just one day after Fed’s Powell dismissed negative rates in the US. The market ignored that the US unemployment claims last week were close to 3 million.
Asian and European indexes closed in the red, but Wall Street posted substantial gains, pushing commodity-linked currencies marginally higher against the greenback in the last hour of trading.
The shared currency and the pound, both weakened against their American rival. There was no particular catalyst but increased dollar’s demand.
Crude oil prices edged higher, with WTI settling around $28.00 a barrel, despite EIA’s outlook for oil demand declined to 91.2 b/d for this year. The Organism stressed coronavirus and a possible second wave are a major risk factor for oil demand.
Gold prices soared, with spot setting above $1,370.00 a troy ounce. Gains were backed by resurgent demand for safe-haven assets throughout the first half of the day. The metal held on to gains during US trading hours despite the market’s mood improved.
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