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The USD Index (DXY) gave up some of its recent gain amid lower yields across the curve due to a data-driven sell-off. The BoE furthered the policy divide between the Fed and its G10 counterparts by holding rates steady and paving the way for a rate cut earlier than expected.
In light of declining rates, the USD Index (DXY) corrected downward and gave up three straight days of gains. The preliminary Michigan Consumer Sentiment report and statements by Fed representatives Bowman, Goolsbee, and Barr will be featured on May 10.
With the overall risk-linked sector taking a more positive tone, EUR/USD managed to reestablish some equilibrium. On May 10, the ECB will release its April meeting’s accounts.
USD/JPY navigated an irresolute range around 155.50, maintaining its weekly positive performance well and sound. On May 10, Household Spending is due followed by Bank Lending, Foreign Bond Investment and the Eco Watchers Survey.
AUD/USD set aside a two-session negative streak and reclaimed the area above the 0.6600 hurdle amidst the generalized improvement in the risk complex. The next data release in Australia will be the Wage Price Index on May 15.
Commodities:
Gold prices increased sharply, setting multiday highs close to $2,349, up 0.17%, due to the declining US rates and weaker US dollar. Following suit, silver surged over 3% above $28.00 per ounce, or two-week highs.
BoE Rate Decision
Following the BoE’s dovish hold that dropped the pair to new lows at 1.2440, the GBP/USD pair saw only slight advances over 1.2500. On May 10, a packed schedule in the UK will have GDP numbers, followed by those from the NIESR Monthly GDP Tracker, Industrial and Manufacturing Production, Construction Output, Balance of Trade, and the speech by the BoE’s Pill.
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