Forex Today: The FX universe now looks at US PCE

Source Fxstreet
May 30, 2024 18:46

A corrective move saw the US Dollar lose some upside impetus on Thursday, helping the risk complex recoup some ground prior to the release of advanced inflation figures in the euro area and US PCE, all due on Friday.

Here is what you need to know on Friday, May 31:

The USD Index (DXY) came under pressure and retreated from weekly highs past the 105.00 hurdle against the backdrop of declining US yields. On May 31, all the attention will be on the release of inflation data tracked by the PCE along with Personal Income and Personal Spending.

EUR/USD briefly tested the 200-day SMA around 1.0790 before staging a marked comeback to the area beyond 1.0800 the figure. The EMU’s advanced Inflation Rate and Retail Sales in Germany will be at the centre of the debate on May 31.

GBP/USD set aside two daily drops in a row and advanced further north of the 1.2700 barrier following the offered stance in the Greenback. In the UK, Mortgage Approvals and Mortgage Lending are due on May 31 along with Nationwide Housing Prices.

The upside impulse in USD/JPY lost some traction and sparked a pullback to weekly lows amidst lower US and Japanese yields. In the Japanese docket, the Unemployment Rate, preliminary Industrial Production and Housing Starts will all be published on May 31.

Following a brief drop below 0.6600, AUD/USD managed to regain balance and end the session with marked gains around the 0.6650 area. On May 31, Housing Credit is only due Down Under.

Prices of WTI retreated further and broke below the $78.00 mark per barrel following rising demand concerns in the wake of rising stockpiles in gasoline and distillate stocks, according to the EIA.

Prices of gold rose modestly on the back of the weaker dollar and diminishing US yields, briefly revisiting the $2,350 area per troy ounce. Silver, instead, accelerated their losses to three-day lows near the $31.00 mark per ounce.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas faces upside pressure as European traders prepare for next heating seasonNatural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
Author  FXStreet
Natural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
placeholder
Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug PullThe Solana blockchain has revealed a sobering story, adding to the turbulence in the bubbly world of memecoins, such as BEER. The coin rose to prominence in recent weeks, experienced a dramatic price
Author  NewsBTC
The Solana blockchain has revealed a sobering story, adding to the turbulence in the bubbly world of memecoins, such as BEER. The coin rose to prominence in recent weeks, experienced a dramatic price
placeholder
Tesla shareholders back Musk pay package, Adobe's outlook - what's moving marketsInvesting.com -- U.S. stock futures were mixed on Friday, after a streak of record high closes for the S&P 500 and Nasdaq Composite stretched into a fourth straight session. In a victory for Tesla (NA
Author  Investing.com
Investing.com -- U.S. stock futures were mixed on Friday, after a streak of record high closes for the S&P 500 and Nasdaq Composite stretched into a fourth straight session. In a victory for Tesla (NA
goTop
quote