{"id":101320,"date":"2024-05-17T03:12:00","date_gmt":"2024-05-16T23:12:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=101320"},"modified":"2024-05-17T05:03:28","modified_gmt":"2024-05-17T01:03:28","slug":"market-drivers-us-session-may-16-2","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-may-16-2\/05\/17\/market-updates\/","title":{"rendered":"Market Drivers; US Session, May 16"},"content":{"rendered":"\n<p>The US Dollar regained some stability and partially reversed its recent significant decline, especially in response to the US Consumer Price Index (CPI). Meanwhile, Federal Reserve officials expressed caution about inflation and the possibility of future interest rate cuts later this year. USD Index Rebound: The USD Index (DXY) experienced a decent rebound after hitting multi-week lows near 104.00 earlier in the session.<br><br><strong>Commodities:<br><\/strong><br>Oil Prices: WTI crude oil prices remained range-bound below the $80.00 mark as traders assessed recent US inventory data and the likelihood of Fed interest rate cuts.<br>Precious Metals: Gold prices corrected lower, retreating from the $2,400 per troy ounce level due to the Greenback\u2019s mild rebound and higher yields. Silver approached yearly highs near $30.00 per ounce.<br><br><strong>Economic Indicators: <br><\/strong><br>On May 17, keep an eye on the CB Leading Index and the speech by FOMC Waller.<br><br><strong>Currencies<\/strong>:<\/p>\n\n\n\n<p>USD\/JPY Recovery: USD\/JPY regained strength, surpassing the 155.00 barrier following Wednesday\u2019s sell-off. This recovery was driven by both the Dollar\u2019s rebound and higher yields.<br><br>EUR\/USD Pressure: The EUR\/USD pair faced downward pressure after reaching fresh highs near the 1.0900 region. The final inflation rate for the broader Euroland is also due on the same day.<br><br>GBP\/USD Movement: GBP\/USD returned to the sub-1.2700 region due to a bounce in the US Dollar. BoE\u2019s Mann is scheduled to speak on May 17.<br><br><br>AUD\/USD Decline: AUD\/USD faced pressure after reaching new highs above the 0.6700 level during the week.<br><br><strong>Also Read:<br><\/strong><a href=\"https:\/\/noortrends.ae\/en\/wti-rallies-near-78-90-in-us-data-boosting-rate-cut-bets\/05\/17\/market-updates\/\">WTI rallies near $78.90 in US data boosting rate cut bets<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/fed-officials-stick-to-cautious-language-but-rate-cut-seems-likely\/05\/17\/market-updates\/\">Fed officials stick to cautious language, but rate cut seems likely<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/dow-barely-moves-after-topping-40000-for-the-first-time-ever\/05\/16\/market-updates\/\">Dow stabilizes after topping 40,000 for the first time ever<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/fed-officials-still-need-further-conviction-regarding-inflation\/05\/16\/market-updates\/\">Fed officials still need further conviction regarding inflation<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/us-dollar-rises-following-jobless-claims-other-us-data\/05\/16\/market-updates\/\">Exploring Performance of USD, US Stocks Amid Rate Outlook in Eventful Week<\/a><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Dollar regained some stability and partially reversed its recent significant decline, especially in response to the US Consumer Price Index (CPI). Meanwhile, Federal Reserve officials expressed caution about inflation and the possibility of future interest rate cuts later this year. USD Index Rebound: The USD Index (DXY) experienced a decent rebound after hitting &hellip;<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6967,6885,7603,6909],"class_list":["post-101320","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-boe","tag-fed","tag-gold-prices","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=101320"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101320\/revisions"}],"predecessor-version":[{"id":101327,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101320\/revisions\/101327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=101320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=101320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=101320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}