Ella 
Here’s what investors need to know on Wednesday, May 8:
The U.S. dollar index rose slightly, managing to regain the 105.40 area while U.S. bond yields are still falling. MBA’s weekly mortgage applications will be released on May 8, followed by wholesale inventories, and Fed officials Jefferson, Collins and Cook will speak.
The resurgence of some selling has pushed EUR/USD back towards the 1.0750 range and shed some of its recent gains. In the Eurozone, German industrial production will be released on May 8 and the ECB meeting minutes will be released on May 10.
GBP/USD is significantly lower, reversing a multi-day rally. Meanwhile, GBP/USD would need to break above the key 200-day EMA near 1.2545 to have any chance of testing recent highs near 1.2630. Next, the UK will hold a Bank of England meeting on May 9.
Further Japanese yen selling pushed USD/JPY higher for a second straight session, this time regaining ground above the 154.00 handle. Weekly foreign bond investment data will be released on May 8.
AUD/USD appears to be encountering considerable resistance around 0.6650 so far. Following the RBA decision earlier on Tuesday, the next major data release will be on May 15, the wage price index.
WTI oil prices remain slightly on the defensive at the lower end of their recent range as traders assess the outlook for geopolitical concerns and weak demand.
Gold prices fell slightly amid a slight rise in the U.S. dollar and hopes for a ceasefire in the Middle East. Meanwhile, silver prices attempt to consolidate in recent high territory near $27.50.
