Another constructive session saw the Greenback gather extra steam and advance to three-day peaks on Wednesday, propped up by the equally firm rebound in US yields as well as the steady conviction of interest rate cuts by the Fed later in the year.
Here is what you need to know on Thursday, May 9: The USD Index edged higher and extended its breakout of the 105.00 barrier, helped by the upbeat tone in US yields across the curve and the generalized selling bias in the risk complex. On May 9, the usual weekly Initial Jobless Claims are due, seconded by the Fed ’s Daly. Further gains in the US Dollar kept the price action around EUR/USD depressed for the second session in a row on Wednesday.
There was no respite to the selling pressure in the Japanese yen, which eventually lifted USD/JPY to five-day highs north of the 155.00 hurdle. On May 9, weekly Foreign Bond Investment readings are due along with the BoJ Summary of Opinions and the preliminary prints of the Coincident Index and the Leading Economic Index. AUD/USD succumbed to the increasing buying impetus in the greenback, revisiting multi-day lows near 0.6560. The next data release in Oz will be the Wage Price Index on May 15.
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