Forex Today: Central banks return to the fore

📆 5/9/2024 6:41 PM

EURUSD News

Dollarindex, ECB, Fed

📆 5/9/2024 6:41 PM
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A data-driven sell-off prompted the USD Index (DXY) to give away part of its recent advance amidst lower yields across the curve.

A data-driven sell-off prompted the USD Index to give away part of its recent advance amidst lower yields across the curve. The BoE kept rates unchanged and opened the door to a rate cut sooner than anticipated, reinforcing the policy divergence between the Fed and its G10 peers. Here is what you need to know on Friday, May 10: The USD Index corrected lower and set aside three daily advances in a row against the backdrop of diminishing yields.

A busy UK calendar will show GDP figures on May 10 seconded by Industrial and Manufacturing Production, Construction Output, Balance of Trade, the NIESR Monthly GDP Tracker and the speech by BoE’s Pill. 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.

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