Forex Today: Investors shift their attention to the FOMC Minutes

Pablo Piovano FXStreet

The US Dollar (USD) regained composure and managed to leave behind two daily retracements in a row on turnaround Tuesday, as US investors returned to their desks following Monday’s Memorial Day holiday. Meanwhile, traders focused on the trade front as well as the Senate debate on Trump’s sweeping tax bill.

Here’s what to watch on Wednesday, May 28:

The US Dollar Index (DXY) rebounded from multi-week troughs on Tuesday, climbing to two-day highs near 99.60 amid declining US yields across the curve. The release of the FOMC Minutes of the May 7 meeting will be the salient event, seconded by the weekly MBA Mortgage Applications, the Richmond Fed Manufacturing Index, and the API’s weekly report on US crude oil inventories. Additionally, the Fed’s Williams and Kashkari are due to speak.

EUR/USD once again met a tough resistance just above the 1.1400 barrier, slipping back to the negative territory following a mild bounce in the US Dollar. Germany’s labour market report will be in the spotlight, seconded by Import Prices, while the ECB will release its Consumer Inflation Expectations survey.

GBP/USD alternated gains with losses just below the 1.3400 barrier amid the decent recovery in the Greenback. The BoE’s Pill is due to speak.

Further depreciation of the Japanese Yen lent fresh wings to USD/JPY, prompting the pair to reclaim the 144.00 hurdle and above. Next on the Japanese calendar will be the weekly Foreign Bond Investment prints and May’s Consumer Confidence, all expected on May 29.

AUD/USD added to the recent rejection from yearly peaks north of 0.6500 and retreated to the 0.6440 zone, where it met some contention for the time being. The RBA’s Monthly CPI Indicator and Construction Work Done are next on tap.

Prices of WTI dropped for the second day in a row on Tuesday, approaching the key $60.00 mark per barrel as traders remained prudent ahead of the OPEC+ meeting, while easing geopolitical concerns also contributed to the correction.

Gold prices extended Monday’s pessimism and flirted with three-day troughs near the $3,280 mark per troy ounce following a stronger US Dollar and easing jitters on the trade front. Silver prices lost momentum and revisited the $32.80 zone per ounce, an area coincident with the interim 55-day SMA.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD keeps losses near 1.1400 ahead of Eurozone inflation data

EUR/USD keeps the offered tone intact near 1.1400 in early Europe on Wednesday, pressured by receding bets for aggressive tightening by the European Central Bank (ECB). Traders will take more cues from the preliminary reading of the Eurozone's Harmonized Index of Consumer Prices and the US Manufacturing PMI report due later in the day.

Gold sticks to bearish bias below $4,000 amid Fed hike bets and Iran risks

Gold attracts fresh sellers following the previous day's good two-way price swings, and weakens further below the $4,000 psychological mark through the Asian session. This marks the third straight day of a slide and keeps the precious metal closer to its lowest level since November 2025. Moreover, a bullish US Dollar suggests that the path of least resistance for the bullion is to the downside.

Solana: Retail confidence backs SOL testing 50-day EMA breakout near $75

Solana price extends gains, testing the 50-day Exponential Moving Average around $75.00. Although institutional demand for Solana remains weak, stabilizing retail confidence, with rising funding rates and steady Open Interest, supports the mild recovery. The technical outlook for SOL shifts mildly bullish, projecting a potential breakout rally toward the $100 mark.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The European Central Bank Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Federal Reserve, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.