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30 May 2024

Forex Today: The FX universe now looks at US PCE

A corrective move saw the US Dollar lose some upside impetus on Thursday, helping the risk complex recoup some ground prior to the release of advanced inflation figures in the euro area and US PCE, all due on Friday.

Here is what you need to know on Friday, May 31:

The USD Index (DXY) came under pressure and retreated from weekly highs past the 105.00 hurdle against the backdrop of declining US yields. On May 31, all the attention will be on the release of inflation data tracked by the PCE along with Personal Income and Personal Spending.

EUR/USD briefly tested the 200-day SMA around 1.0790 before staging a marked comeback to the area beyond 1.0800 the figure. The EMU’s advanced Inflation Rate and Retail Sales in Germany will be at the centre of the debate on May 31.

GBP/USD set aside two daily drops in a row and advanced further north of the 1.2700 barrier following the offered stance in the Greenback. In the UK, Mortgage Approvals and Mortgage Lending are due on May 31 along with Nationwide Housing Prices.

The upside impulse in USD/JPY lost some traction and sparked a pullback to weekly lows amidst lower US and Japanese yields. In the Japanese docket, the Unemployment Rate, preliminary Industrial Production and Housing Starts will all be published on May 31.

Following a brief drop below 0.6600, AUD/USD managed to regain balance and end the session with marked gains around the 0.6650 area. On May 31, Housing Credit is only due Down Under.

Prices of WTI retreated further and broke below the $78.00 mark per barrel following rising demand concerns in the wake of rising stockpiles in gasoline and distillate stocks, according to the EIA.

Prices of gold rose modestly on the back of the weaker dollar and diminishing US yields, briefly revisiting the $2,350 area per troy ounce. Silver, instead, accelerated their losses to three-day lows near the $31.00 mark per ounce.

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