On Tuesday, the Greenback moved lower vs. a basket of major currencies for the fourth consecutive session, amid doubts that the Federal Reserve will hike interest rates next month in light of recent reports and due to the softer-than-expected U.S. data, which released last Friday
Euro edged higher vs. USD and settled at $1.11 as German ZEW economic sentiment indicator rose to 20.6 in May from April's reading of 19.5. Today, the common currency is awaiting the Eurozone Inflation Rate, which has cut its purchases by 20 billion euros to 60 billion euros. Technically, a lower than expected reading could bush the pair to re-test $1.10, while a higher than expected reading that should be taken as bullish for the EUR and could re-test $1.12.
The Sterling pound pared its losses vs. the Greenback and settled above $1.29 as UK inflation jumped to the highest level since 2013. Technically, Cable is likely to re-test $1.30, in anticipation of GBP Jobless Claims.
Gold rose for the fourth day in a row, as the dollar fell amid political uncertainty and on signs of slower economic activity in the U.S.
However, Kuwait has joined Russia and Saudi Arabia in supporting an extension of the oil-output cut deal, Oil prices failed to settle high yesterday. U.S. crude fell to 48.40, in anticipation of the U.S. oil inventories, which could decline as much as 2.3 million barrels.
The most important economic events:
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