Forex Today: Risk-on flows weighed on the dollar

Valeria Bednarik FXStreet

What you need to take care of on Friday, May 27:

Australian Retail Sales are coming up in Asia.

The American dollar attempted a modest recovery early on Thursday but finished the day with losses against most major rivals. Tepid US data and rallying equities helped particularly safe-haven rivals.

The US second estimate of the Q1 Gross Domestic Product, which growth was downwardly revised to -1.5%, worse than the previous estimate of -1.3% and missing the market's expectations of -1.4%.

The EUR/USD pair nears its weekly high at the end of the day, trading at around 1.0720. The GBP/USD pair hovers just below 1.2600. The Canadian dollar was among the strongest, with USD/CAD changing hands at 1.2770 as oil prices surged. WTI settled at $113.90 a barrel. The AUD/USD pair, on the other hand, remained steady in the 0.7090 region, unable to take advance of Wall Street´s rally.

Gold seesawed between gains and losses, ending the day little changed at around $1,852 a troy ounce.

Among US indexes, the Nasdaq Composite was the best performer, up roughly 3%. The S&P 500 and the Dow Jones Industrial Average added around 2% each.

Solana, Avalanche, Polkadot and NEAR Protocol at risk of a 40% flash crash

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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