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.

Cryptocurrency Market Update: Bitcoin and the rest of cryptos continue trading sideways

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD under pressure around 1.1850 amid US election concern

EUR/USD is under some pressure around 1.1850 the anti-risk dollar is drawing haven bids on reports of meddling in US elections and fading prospects of an imminent US stimulus deal. US jobless claims are eyed.


GBP/USD holds onto gains as Brexit talks restart

GBP/USD is trading well above 1.31, consolidating its gains as intense Brexit talks restart in London, aiming to reach an accord by mid-November. Rising UK coronavirus cases and political uncertainty in the US are keeping the safe-haven dollar bid.


Gold off lows, still in the red around $1920 region

Gold traded with a mild negative bias through the early European session, albeit has managed to trim a part of its daily losses to the $1911-10 region.

Gold News

Forex Today: Foreign intervention in US elections weighs on mood, jobless claims, politics eyed

Concerns about foreign intervention in the US elections have weighed on the market mood, allowing the dollar to recover after Wednesday's losses. Intense Brexit talks resume in London, boosting the pound.

Read more

WTI: Buyers lurk around 100-day EMA

WTI bounces off $39.83, the lowest in one week, to battle 50% Fibonacci retracement. EIA inventories recovered from -3.818M prior, -1.021M forecast. The energy benchmark dropped the lowest since October 15 the previous day.

Oil News