The US Dollar showed strength thanks to positive FOMC Minutes and strong US economic data, supporting the Fed’s plan for tighter monetary policy. Key upcoming data includes the FHFA House Price Index, Consumer Confidence, and the Fed’s Beige Book. Eurozone data such as Germany’s Business Climate and Consumer Confidence will also be closely watched. The UK will release Nationwide Housing Prices, Mortgage Lending, and Mortgage Approvals. Japan will report Consumer Confidence, Unemployment Rate, Industrial Production, Retail Sales, and more. Australia’s data includes Retail Sales, the Westpac Leading Index, and the RBA’s Monthly CPI Indicator.
Key speakers to watch include BoJ’s Ueda, Fed’s Williams, Bowman, Mester, Kashkari, and Cook, SNB’s Jordan, BoE’s Bailey, and RBA’s Hunter. The SARB is expected to keep its rate unchanged at 8.25% on May 30. These events are likely to impact the markets and shape monetary policies going forward.
Despite facing a slight pullback, the US Dollar managed to reverse recent weakness and closed the week with gains, driven by positive economic data and a hawkish outlook from the Fed. This has set the stage for upcoming key data releases, such as the FHFA House Price Index and Consumer Confidence, which will provide further insight into the health of the US economy.
EUR/USD saw a decline, testing the 1.0800 region, with upcoming data including Germany’s Business Climate and Consumer Confidence. GBP/USD maintained a bullish perspective, breaking above the 1.2700 level, with upcoming UK data including Nationwide Housing Prices, Mortgage Lending, and Mortgage Approvals. USD/JPY continued its recovery, surpassing 157.00, with upcoming data releases including Japan’s Consumer Confidence, Unemployment Rate, and Retail Sales. AUD/USD faced resistance above 0.6700, with upcoming data releases including Retail Sales, the Westpac Leading Index, and the RBA’s Monthly CPI Indicator.
Key central bank speakers such as BoJ’s Ueda, Fed’s Williams, Bowman, Mester, Kashkari, and Cook, SNB’s Jordan, BoE’s Bailey, and RBA’s Hunter, will provide further insight into monetary policy decisions. The SARB is expected to keep rates unchanged at 8.25% on May 30. These events will influence market sentiment and expectations regarding future monetary policies.
