Forex Today: PM Johnson to set the tone for the Asian session

FXStreet Team FXStreet

What you need to know on Monday, May 11th:

UK PM Johnson will offer a speech this Sunday at 18:00 GMT and is expected to announce plans to lift the kingdom’s lockdown. He repeatedly expressed his concerns about a possible second wave, which may result in plans for a slow economic comeback, which may have a negative effect on the Pound.

The EUR remains among the weakest currencies, undermined by dismal local data and the latest German Constitutional Court ruling on the ECB’s QE stimulus program from 2015. Investors are concerned the central bank may hesitate to add additional stimulus from here on.

Tensions between the US and China take their toll on the market’s mood, although on Friday, representatives from both economies held phone talks and vowed to keep the phase one of the trade deal alive.

Gold prices retreated on Friday with spot ending the week at $1,700.00 a troy ounce, undermined by profit-taking and a return to high-yielding assets at the end of the week.

Crude oil prices ranged on Friday, ending the day with modest gains. WTI settle some cents below $25.00 a barrel.

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EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.