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Fed Patient Tone Confirmed by FOMC Minutes

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USD

The dollar index which measures the greenback against a basket of major currencies extended rally higher trading at 98.19. The minutes of the last monetary policy meeting held by the Federal Reserve affirmed that the patient approach to policy would be appropriate for some time. Moreover, several members believe that the current drop in PCE inflation is likely to be transitory. The recent economic indicators supported the flow to the dollar as they signal that the US economy is outperforming rivals. The US 10-year yields tumbled to 2.372%, the USDCHF rose to 1.0097, and the USDCAD rose to 1.3460.

GBP

The British pound extended losses against rivals as the Brexit deadlock prevails. The pressures are mounting against Theresa May to step down especially after the resignation of Andrea Leadsom. However, it is unlikely that she steps down before going for one more vote on her Withdrawal Agreement Bill. On the other hand, the April Consumer Price Index came in at 2.1% missing estimates of 2.2%. Market participants will focus on headlines concerning May's future, and the April retail sales figures. The GBPUSD tumbled to a fresh four-month low of $1.2605, the GBPJPY dropped to 138.88, and the EURGBP jumped to a three-month high of 0.88399.

Metals

Gold prices continued to trade in a tight range between a low of $1270 and a high of $1278 awaiting fresh fundamental developments. The silver ounce hovered near $14.50, and Palladium held steady near $1315.

Oil

Oil prices plunged following a buildup in US inventories. The US Energy Information Administration reported a rise of 4.740 million barrels in crude inventories last week. The West Texas Intermediate crude futures dropped to a one-week low of $60.78, and Brent futures tumbled to $70.25.

Major Economic Events

GMT Country Event Expectation Previous
8:30 UK Core Retail Sales (YoY) (Apr) 4.0% 6.2%
11:30 EU ECB Publishes Account of Monetary Policy Meeting     
Tentative EU European Parliament Elections    
12:30 US Initial Jobless Claims 215 212
14:00 US New Home Sales (MoM) (Apr) -2.8% 4.5%

 

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