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Ahead of the Bank of England’s interest rate decision on Thursday, the GBP/USD pair managed to recover from multi-session lows around 1.2470. Despite this, the pair remained cautious. On May 9, it is generally anticipated that the BoE would maintain its policy rate. BoE’s Bailey and Pill are also scheduled to speak.
The selling pressure on the Japanese currency persisted, eventually pushing USD/JPY to five-day highs above the 155.00 barrier. Weekly readings on foreign bond investments, the BoJ Summary of Opinions, and the preliminary printing of the Leading Economic Index and Coincident Index are all due on May 9.
The greenback’s growing purchasing pressure caused the AUD/USD pair to give in, returning to multiday lows at 0.6560. On May 15, the Wage Price Index will be the next set of data.
Commodities:
WTI prices continued to consolidate at the lower end of the previous range, consistently trading below the crucial $80.00 per barrel level.
Despite the stronger dollar and higher US yields, gold prices closed the session hardly moving from the $2,300 per ounce range. Tuesday’s decline was lessened by its relative Silver, even though the optimistic move failed to break over the $27.50 zone.
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Gold Retreats Amid Rising T-Yields, China’s gold purchases
