Market Drivers; US Session, May 13

Amid growing cautious ahead of the US CPI, gold prices reversed two straight sessions of gains and fell back to the $2,330 zone. Meanwhile, the price of an ounce of silver increased just above $28.00.
Despite slight losses, the USD Index (DXY) was able to maintain its position above the 105.00 support level. Producer prices, Fed’s L. Cook’s speech, and the Chair Powell-led discussion panel are all due on May 14.

GBP/USD advanced markedly past the 1.2500 barrier on the back of the resumption of the selling pressure in the Greenback. The publication of the UK labour market figures and the speech by BoE’s H. Pill are all expected to give fresh statements on May 14.

USD/JPY kept its advance, heading to fresh highs past the 156.00 hurdle. The Japanese docket includes the release of Producer Prices on May 14.

Like its riskier counterparts, AUD/USD recovered from Friday’s decline and crossed over 0.6600, continuing to trade near the top of the monthly range for the time being. On May 15, the Wage Price Index will be the next noteworthy publication in Oz.

Due to supply concerns resulting from wildfires in Canada and positive news from China, WTI prices recovered some of the dip they had experienced on Friday and increased significantly beyond the $79.00 level per barrel on Monday.