Forex Today: US Dollar struggles to gain traction ahead of confidence data, Fedspeak

Source Fxstreet
May 28, 2024 07:28

Here is what you need to know on Tuesday, May 28:

The US Dollar (USD) is having a hard time finding demand early Tuesday after weakening modestly against its major rivals on Monday.  Housing Price Index for March, Conference Board's Consumer Confidence Index and Dallas Fed Manufacturing Business Index for May will be featured in the US economic calendar later in the day. Several Federal Reserve (Fed) policymakers are scheduled to deliver speeches during the American trading hours.

The USD Index edged lower in the second half of the day on Monday and closed the day in negative territory. Following a three-day holiday, the benchmark 10-year US Treasury bond yield declines slightly early Tuesday and US stock index futures trade marginally higher on the day.

US Dollar PRICE This week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.27% -0.29% -0.09% -0.31% -0.48% -0.77% -0.28%
EUR 0.27%   -0.04% 0.20% -0.02% -0.28% -0.60% 0.04%
GBP 0.29% 0.04%   0.20% -0.02% -0.23% -0.48% 0.03%
JPY 0.09% -0.20% -0.20%   -0.26% -0.42% -0.61% -0.22%
CAD 0.31% 0.02% 0.02% 0.26%   -0.19% -0.46% -0.03%
AUD 0.48% 0.28% 0.23% 0.42% 0.19%   -0.23% 0.27%
NZD 0.77% 0.60% 0.48% 0.61% 0.46% 0.23%   0.48%
CHF 0.28% -0.04% -0.03% 0.22% 0.03% -0.27% -0.48%  

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).

The data from Japan showed that the Corporate Service Price Index rose 2.8% on a yearly basis in April, following the 2.4% increase recorded in March. Additionally, Japan's Weighted Median Inflation Index, a key measure of the country’s trend inflation, rose 1.1% in April, slowing from a 1.3% increase in March. USD/JPY showed no reaction to these figures and was last seen moving sideways slightly below 157.00.

Japanese Yen receives pressure after Japan's Weighted Median Inflation shows slowdown.

Following a quiet European session, EUR/USD stretched higher in the American trading hours on Monday and ended the day in positive territory. The pair holds its ground early Tuesday and was last seen trading above 1.0870.

GBP/USD gained 0.25% on Monday and advanced toward 1.2800 early Tuesday, reaching its highest level in two months. The pair stays relatively quiet and fluctuates at around 1.2780 to being the European session.

Gold staged a decisive rebound and rose nearly 1% on Monday. XAU/USD, however, seems to be struggling to preserve its recovery momentum, trading in the red below $2,350 early Tuesday.

Gold price rebounds on weaker US Dollar, investors await US key data.

The Australian Bureau of Statistics reported on Tuesday that Retail Sales rose 0.1% on a monthly basis in April. This reading followed the 0.4% decline recorded in March and came in below the market expectation for an increase of 0.2%. After closing in positive territory on Monday, AUD/USD entered a consolidation phase above 0.6650 on Tuesday. 

Australian Dollar rises amid subdued US Dollar ahead of looming US PCE.

Economic Indicator

Consumer Confidence

The Consumer Confidence index, released on a monthly basis by the Conference Board, is a survey gauging sentiment among consumers in the United States, reflecting prevailing business conditions and likely developments for the months ahead. The report details consumer attitudes, buying intentions, vacation plans and consumer expectations for inflation, labor market, stock prices and interest rates. The data shows a picture of whether or not consumers are willing to spend money, a key factor as consumer spending is a major driver of the US economy. Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish. Note: Because of restrictions from the Conference Board, FXStreet Economic Calendar does not provide this indicator's figures.

Read more.

Last release: Tue Apr 30, 2024 14:00

Frequency: Monthly

Actual: -

Consensus: -

Previous: -

Source: Conference Board

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Crude Oil tests higher ground on quiet Wednesday, WTI touches $81.00 West Texas Intermediate (WTI) US Crude Oil tested into fresh Wednesday highs on thin volume, clipping $81.00 per barrel as commodities drift softly higher despite US exchanges shuttered for the Juneteenth holiday.
Author  FXStreet
West Texas Intermediate (WTI) US Crude Oil tested into fresh Wednesday highs on thin volume, clipping $81.00 per barrel as commodities drift softly higher despite US exchanges shuttered for the Juneteenth holiday.
placeholder
USD/JPY Price Analysis: Steadies as Asian session begins, above 158.00The USD/JPY remains flat as Thursday’s Asian session begins, yet it printed minuscule gains of 0.15% on Wednesday.
Author  FXStreet
The USD/JPY remains flat as Thursday’s Asian session begins, yet it printed minuscule gains of 0.15% on Wednesday.
placeholder
EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful dataEUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s Purchasing Managers Index (PMI) activity figures for meaningful data releases to drive sentiment in either direction.
Author  FXStreet
EUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s Purchasing Managers Index (PMI) activity figures for meaningful data releases to drive sentiment in either direction.
placeholder
Bitcoin Dump Expected, BTC In The “Boring Zone” As Whales ExitBitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.
Author  Bitcoinist
Bitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.
placeholder
Solana Down 40% But Analyst Says Now’s The Time To Buy SOLSolana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the recent correction. After rallying to as high as $210 in Q1 2024, the coin is now sliding, facing strong headwinds, plunging, and following the performance posted by Bitcoin and Ethereum.
Author  NewsBTC
Solana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the recent correction. After rallying to as high as $210 in Q1 2024, the coin is now sliding, facing strong headwinds, plunging, and following the performance posted by Bitcoin and Ethereum.
goTop
quote