Another dreadful week for the Greenback saw the USD Index (DXY) tumble to three-week lows well south of the 105.00 support, mainly in response to the dovish tone at the FOMC event and the softer-than-expected Nonfarm Payrolls in April.
Another dreadful week for the Greenback saw the USD Index tumble to three-week lows well south of the 105.00 support, mainly in response to the dovish tone at the FOMC event and the softer-than-expected Nonfarm Payrolls in April. The US Dollar ended the week deeply in red territory, in line with the move lower in US yields across different time frames, although with a potential interest rate cut by the Fed in September as preferred by investors for the time being.
On May 7, the BRC Retail Sales Monitor will be released ahead of the S&P Global Construction PMI. May 9 will see the BoE meeting, while GDP figures, the Trade Balance, Industrial and Manufacturing Production, and the NIESR Monthly GDP Tracker are all expected at the end of the week. USD/JPY sharply reversed four consecutive weekly advances and retreated to the sub-152.00 region against the backdrop of suspected FX intervention by the Japanese MoF.
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