What you need to know on Friday, May 8th:
The US will release the April Nonfarm Payroll report this Friday, which may result in majors holding on to ranges throughout the previous sessions.
The greenback started the day with a strong footing, but ended up losing ground against all of its major rivals amid mounting speculation fed funds rate would fall into negative territory early 2021. Yields gave un Thursday’s gains and returned to the lower end of their weekly range. Wall Street closing in the green added pressure on the dollar.
The common currency was once again the worst performer. EUR/USD enters Friday hovering around the 1.0800 level.
The BOE left its monetary policy unchanged, although 2 MPC members voted to increase the APP. Governor Bailey opened doors for further stimulus.GBP/USD ended the day little changed on the upside, mostly due to the broad dollar’s weakness.
Gold soared to $1,720, amid plummeting US Treasury yields. The yield on the benchmark 10-year Treasury note fell 10 basis points, amid dismal US employment data.
Crude oil prices trimmed intraday gains ahead of the close after reaching fresh weekly highs. The early advance came as a result of increasing demand from China, boosting hopes demand will continue to increase.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.