The Greenback extended the discouraging start to the week and retreated to multi-day lows as market participants digested sticky US producer prices and the neutral message from Chair Powell ahead of the release of US CPI on Wednesday.
Here is what you need to know on Wednesday, May 15: The USD Index added to Monday’s decline and broke below the 105.00 level against the backdrop of further weakness in US yields. On May 15, the US Inflation Rate takes centre stage seconded by Retail Sales, Business Inventories, the NAHB Housing Market Index, weekly Mortgage Applications by MBA and TIC Flows. In addition, Fed ’s Kashkari and Bowman are due to speak. EUR/USD maintained its bullish bias and advanced to five-week highs past the 1.
USD/JPY printed its sixth day of gains out of the last seven, this time surpassing the 156.00 barrier to clinch new two-week peaks. Next on tap on the Japanese docket will be the preliminary Q1 GDP Growth Rate, final Industrial Production readings and Foreign Bond Investment on May 16. AUD/USD kept its consolidative mood in place in the upper end of the range, always below the May peak around 0.6650. In Australia, the Wage Price Index is due on May 15.
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