Forex Today: Dollar continues to dance at the rhythm of yields

FXStreet Team FXStreet

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.

Bitcoin price capitulates while whales buy BTC at a discount

Author

FXStreet Team

FXStreet

EUR/USD holds above 1.1800 after German sentiment data

EUR/USD stays in positive territory above 1.1800 on Monday after the data from Germany highlighted a modest improvement in business sentiment in February. Meanwhile, the US Dollar stays under pressure amid growing unceratinty surrounding the US trade regime, allowing the pair to hold its ground.

GBP/USD rises toward 1.3550 as tariff confusion slams USD

GBP/USD extends the advance toward 1.3550 on Monday. The US Dollar faces intense selling pressure as tariff uncertainty lingers following US President Trump's latest announcement. Traders will take more cues from the broader market sentiment and central bank talks.

Gold climbs above $5,100 on broad USD weakness

Gold sticks to its bullish bias near the monthly above $5,100 on Monday. Renewed trade-war fears, along with rising geopolitical tensions in the Middle East, turn out to be key factors that underpin the safe-haven precious metal and validate the constructive outlook.

Cardano braces for impact as US tariff storm brews

Cardano is down 4% at press time on Monday, entering its third consecutive day of decline. Bearish bias in Cardano’s derivatives market positional buildup aligns with rising pressure on the broader cryptocurrencymarket amid US President Donald Trump's reassessment of global tariffs and domestic conflict with the US Supreme Court.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Top Crypto Losers: Zcash, Pump.fun, and LayerZero extended losses as Bitcoin loses $65,000

The cryptocurrency market starts the week in panic mode, with altcoins Zcash, Pump.fun, and LayerZero. Bitcoin falls below $65,000 as the US President Donald Trump regroups amid renewed trade policy risks.