Fed Officials Speak Cautiously, U.S. Economic Data Boosts Dollar

The U.S. dollar index rebounded strongly after hitting a multi-week low near 104.00 early in the session. The Conference Board leads the index on May 17, with Fed official John Waller set to speak.

EUR/USD is facing some downward pressure after hitting fresh highs near 1.0900. The final reading of euro zone inflation will not be released until May 17.

GBP/USD follows risk currencies and returns to sub-1.2700 territory following a rebound in the USD. On May 17, Bank of England Governor Mann will speak.

USD/JPY regained upward momentum, recouping some of Wednesday’s losses and breaking above the 155.00 mark on the back of a rebound in the dollar and rising U.S. bond yields.

AUD/USD has shed some of its strong weekly gains, coming under pressure shortly after hitting fresh highs above the 0.6700 mark.

WTI oil prices once again maintained a range-bound trend, always encountering resistance at the $80.00 mark, as traders assessed the recent decline in U.S. crude oil inventories and the prospect of a rate cut by the Federal Reserve.

Gold prices were lower, retreating from the $2,400 area, helped by a modest rebound in the U.S. dollar and rising U.S. bond yields. Silver prices are consolidating near the key mark of $30.00, a yearly high.

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