Here is what you need to know on Tuesday, May 21: Major currency pairs continue to fluctuate in familiar ranges early Tuesday after closing the first day of the week with small changes.
Eurostat will release Current Account and Trade Balance data for March. Later in the session, Statistics Canada will publish Consumer Price Index figures for April. More importantly, Bank of England Governor Andrew Bailey and Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic and Loretta Mester will be delivering speeches. In the absence of high-tier data releases, investors refrained from taking large positions on Monday.
After setting a new all-time high of $2,450 at the beginning of the week, Gold erased a large portion of its gains to close below $2,430 on Monday. XAU/USD stays under bearish pressure early Tuesday and trades below $2,420. NZD/USD seems to have stabilized at around 0.6100 after losing nearly 0.5% on Monday. The Reserve Bank of New Zealand will announce monetary policy decisions in the early trading hours of the Asian session on Wednesday.
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