Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The US Dollar (USD) surged to multi-day highs due to reduced expectations of a rate cut in September, positive data from US business activity in May, and a hawkish stance from the Federal Open Market Committee (FOMC).
Currency Pairs:
EUR/USD: Experienced its fourth consecutive session of losses, testing the 1.0800 support.
GBP/USD: Reversed four days of gains, retreating from recent highs near 1.2760.
USD/JPY: Surpassed the 157.00 barrier, reaching two-week highs amid a dollar rebound and rising US yields.
AUD/USD: Weakened further, breaching the 0.6600 support due to a stronger Dollar and overall risk aversion.
Commodities:
WTI crude oil prices declined, hitting new lows near $76.00 per barrel, driven by dollar strength and speculation that the Fed may maintain its restrictive stance.
Gold and Silver: Both metals faced losses, with Gold revisiting the $2,330 zone per troy ounce and Silver dropping close to $30.001.
Key Events on May 24 Include:
Durable Goods Orders: This economic indicator will be in focus.
Michigan Consumer Sentiment: The final reading will provide insights into consumer confidence.
Speech by FOMC’s Waller: His remarks may impact market sentiment.
Also Read:
US stocks decline following US data, FOMC minutes
Oil prices decline for fourth session ahead of busy travel plans
Dow accelerates loss on diminishing rate cut hopes
Gold Faces Threat Below Major Trendline After US Data Release
