Forex Today: Investors seek fresh clues
Source Fxstreet
What you need to take care of on Tuesday, May 21:
Metals grabbed all of the attention on Monday, as Gold and Copper traded at record highs at the beginning of the day, although shed some ground in a quiet European morning, as most local markets were closed due to the celebration of Whit Monday.
The American session provided little to work with, as the macroeconomic calendar only featured different Federal Reserve speakers, which anyway, repeated well-known messages and fell short of triggering action across the FX board.
The Greenback took clues from metals, recovering just modestly with Gold slide but resuming its slide ahead of Wall Street’s close as XAU/USD pressures the $2,430 price zone.
The EUR/USD pair held around 1.0860, while the GBP/USD stood at around 1.2700. Commodity-linked currencies were the most volatile, with AUD and CAD ending the day with losses vs the US Dollar.
Wall Street closed mixed, also failing to provide clues. The DJIA lost 200 points, although the S&P500 and the Nasdaq Composite managed to post uneven gains.
The upcoming Asian session will bring Australian Westpac Consumer Confidence and the Reserve Bank of Australia (RBA) meeting Minutes. There won’t be any relevant release throughout Tuesday.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.09% | -0.05% | 0.44% | 0.06% | 0.37% | 0.44% | 0.15% | |
| EUR | -0.09% | -0.16% | 0.41% | -0.01% | 0.33% | 0.37% | 0.07% | |
| GBP | 0.05% | 0.16% | 0.42% | 0.13% | 0.48% | 0.52% | 0.22% | |
| JPY | -0.44% | -0.41% | -0.42% | -0.41% | -0.06% | 0.04% | -0.28% | |
| CAD | -0.06% | 0.01% | -0.13% | 0.41% | 0.29% | 0.40% | 0.10% | |
| AUD | -0.37% | -0.33% | -0.48% | 0.06% | -0.29% | 0.03% | -0.25% | |
| NZD | -0.44% | -0.37% | -0.52% | -0.04% | -0.40% | -0.03% | -0.28% | |
| CHF | -0.15% | -0.07% | -0.22% | 0.28% | -0.10% | 0.25% | 0.28% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
