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Powell's Upbeat Tone Bounces Dollar Back Up

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USD

The dollar index which measures the greenback against a basket of major currencies bounced off a two-week low of 97.15 to settle higher at 97.62. The Federal Open Market Committee left official interest rates unchanged between 2.25-2.50% while cutting the interest rate on excess reserves to 2.35% from 2.40% prior. The Fed declared that the job market remains strong, and the economic activity picked up while inflation dropped due to transitory factors. The Fed's chairman Jerome Powell said that inflation would pick up on the long run and the current drop is "transient" leading the dollar and Treasury yields higher. He added that the downside risks to the economy are decreasing due to the improving trade talks between China and the United States, Brexit delay, and improvement in the economic activity in China and Europe. The US 10-year yields surged to 2.536%, the EURUSD dropped to $1.1187, and the USDCHF rose to 1.0190.

Metals

Metals prices tumbled as the dollar soared along with Treasury yields. The price of a gold ounce dropped to $1271, the lowest since April 24th. The silver ounce crashed to a fresh 2019 low of $14.58, and palladium extended losses to test a low of $1311.

Oil

Oil prices finished slightly higher despite a buildup in US inventories. The US Energy Information Administration reported that the weekly crude oil inventories rose by 9.900 million barrels last week. However, the US sanctions on Iran and Venezuela are providing support for oil prices. The West Texas Intermediate crude futures settled at $63.58, and Brent futures finished higher at $72.11.

Major Economic Events

GMT Country Event Expectation Previous

11:00

UK

Inflation Report

 

 

11:00

UK

BoE Interest Rate Decision (May)

0.75%

0.75%

11:30

UK

BoE Gov Carney Speaks 

 

 

12:30

US

Initial Jobless Claims

220

230

12:30

US

Nonfarm Productivity (QoQ) (Q1) 

2.2%

1.9%

 

Disclaimer

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