Here is what you need to know on Wednesday, May 8: The US Dollar (USD) stays resilient against its rivals early Wednesday after posting marginal gains on Tuesday.
Here is what you need to know on Wednesday, May 8: The US Dollar stays resilient against its rivals early Wednesday after posting marginal gains on Tuesday. The US economic calendar will feature weekly MBA Mortgage Applications andWholesale Inventories for March. Meanwhile, market participants will remain focused on comments from Federal Reserve policymakers. Additionally, the US Treasury will hold a 10-year note auction later in the American session.
On Thursday, the Bank of England will announce monetary policy decisions. Gold failed to build on Monday's recovery gains and closed below $2,320 on Tuesday. XAU/USD stays relatively quiet early Wednesday and stays near Tuesday's closing level. Gold price gains momentum, despite a firmer US Dollar. AUD/USD came under bearish pressure on Tuesday as the Reserve Bank of Australia adopted a cautious tone with regards to further tightening after leaving policy settings unchanged.
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