23 May economic news
The Australian Dollar is currently awaiting direction from the upcoming release of retail sales data, set to be published on Friday. The AUD/USD pair has recently retreated to within its established range, while the EUR/AUD and GBP/AUD pairs are displaying a downward trend. There is uncertainty surrounding the future movements of the AUD/USD, EUR/AUD, and GBP/AUD pairs.
The Japanese Yen experienced a weakening trend on the first trading day of the week due to the increase in Treasury yields, which exerted pressure on the currency that is sensitive to yield changes. The current focus is on the breakout of the Ascending Triangle chart pattern for USD/JPY.
Despite higher yields, the value of gold has gained momentum as the US dollar has slowed down. Although the price of gold experienced a decline, it has since rebounded. However, certain obstacles persist, such as Treasury yields and real yields, which may impact the value of this precious metal. Should the debt ceiling be raised, there could be potential implications for the US Dollar and its effect on XAU/USD remains to be seen.
The crude oil market experienced a boost due to the possibility of a resolution to the US debt ceiling issue. The Federal Reserve reiterated the uncertain trajectory of interest rates in the future. If the elimination of debt uncertainties leads to enhanced sentiment, will West Texas Intermediate (WTI) experience an increase in value and potentially break out of its current range?
