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As traders examined Fed interest rate cut bets, gold prices rose above $2,300 per troy ounce. After a recent dip, the US dollar was able to rise as investors examined the US labour market report. After three weeks of declines, the USD Index recovered and crossed over the 105.00 mark.
Key Developments
EUR/USD extended its march north, although another test of the 1.0800 hurdle remained elusive on Monday. Germany’s Balance of Trade and Retail Sales in the euro area are due on May 7, along with the speech by BuBa’s J. Nagel.
GBP/USD maintained its bullish momentum well in place, albeit faltering just ahead of 1.2600 the figure at the beginning of the week. The BRC Retail Sales Monitor and the S&P Global Construction PMI are expected on May 7.
The resurgence of selling pressure in the Japanese yen helped USD/JPY reverse course and reclaim the proximity of the 154.00 region. On May 7, weekly Foreign Bond Investment figures are the only due.
What to watch
Reignited geopolitical effervescence motivated WTI prices to rebound from recent peaks in the area below the $78.00 mark per barrel.
AUD/USD traded in a solid fashion and broke above the 0.6600 level, flirting at the same time with so-far monthly tops. On May 7, the RBA is expected to keep its OCR unchanged at 4.35%.
On May 7, the RCM/TIPP Economic Optimism Index, Consumer Credit Change, and N. Kashkari’s address at the Minneapolis Fed are all due.
Also Read:
What is behind Gold’s Ascending Uptrend: Key Factors, Market Insights
Oil rises amid escalating Middle East tensions
RBA’s Causiously Handling Inflation, Growth, AUD
US dollar opens new trading week lower
