During a quiet US session, the US dollar weakened as Wall Street indices rallied:
Volatility in the US Treasury market will remain elevated due to the dramatic debt ceiling, important economic data, and upcoming events. The divergence on the curve shows that the difference between the monthly and quarterly bills is at an all-time high.
Tuesday will be a busy day with incomes from Alphabet, Microsoft, PepsiCo, Visa, Novartis, McDonald’s, Verizon, UPS, General Electric, Texas Instruments, Halliburton, UBS, and Spotify. US economic data includes S&P/Case-Shiller home prices and new home sales.
The focus is on Thursday’s GDP reading, which involves key consumer inflation data. Moreover, all eyes will be on the FOMC meeting next week. The Federal Reserve is anticipated to hike rates by 25 basis points and flag a pause.
The US dollar index (DXY) declined to 101.35, a one-week low. Pointing south looks vulnerable.
USD/CHF hit its lowest daily close since January 2021, below 0.8900.
EUR/USD increased to the 1.1050 area, nearing its highest level since the year’s opening, spurred by aggressive comments from European Central Bank (ECB) officials before their May 4th meeting.
GBP/USD benefited from the dollar weakening near 1.2500. the trend is upward. The UK is due to release public sector net lending on Tuesday.
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