Here is what you need to know on Thursday, May 2: The US Dollar (USD) suffered large losses against its major rivals in the late American session on Wednesday as the Federal Reserve's (Fed) statement language and Chairman Jerome Powell's comments turned out to be not as hawkish as feared.
Here is what you need to know on Thursday, May 2: The US Dollar suffered large losses against its major rivals in the late American session on Wednesday as the Federal Reserve's statement language and Chairman Jerome Powell's comments turned out to be not as hawkish as feared. Final revisions to HCOB Manufaturing PMIs for Germany and the Eurozone will be featured in the European economic docket.
After falling all the way to 153.00, USD/JPY recovered during the Asian trading hours andwas last seen trading at around 155.50. EUR/USD staged a decisive rebound on Wednesday and erased all of Tuesday's losses. The pair holds steady slightly above 1.0700 in the early European morning on Thursday. GBP/USD spent the majority of the day below 1.2500 on Wednesday but closed above that level, supported by the USD weakness. The pair stays in a consolidation phase at around 1.
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