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.

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.