On Tuesday, May 21, the focus was primarily on the metals market, with Gold and Copper trading at record highs in the early hours before experiencing a slight dip in the European morning. This was due to many local markets being closed for Whit Monday celebrations. The American session was relatively quiet, with little activity on the macroeconomic calendar apart from Federal Reserve speakers reiterating known messages, which had minimal impact on the FX market.
The US Dollar took cues from the metals market, showing modest recovery with Gold’s slide but falling again as XAU/USD put pressure on the $2,430 price zone. The EUR/USD pair hovered around 1.0860, while the GBP/USD was around 1.2700. Commodity-linked currencies such as the Australian dollar (AUD) and the Canadian dollar (CAD) experienced the most volatility, ending the day with losses against the US Dollar. Wall Street closed mixed, with the DJIA losing 200 points while the S&P500 and Nasdaq Composite posted uneven gains.
In the upcoming Asian session, investors are eagerly awaiting the release of Australian Westpac Consumer Confidence and the Reserve Bank of Australia (RBA) meeting Minutes. However, there are no significant releases scheduled for Tuesday. The US Dollar’s performance against major currencies today showed strength against the New Zealand Dollar, according to the percentage change chart. The heat map displayed the percentage changes of major currencies against each other, with the US Dollar leading against multiple currencies.
In summary, Tuesday, May 21 was characterized by a focus on the metals market, with Gold and Copper trading at record highs before a slight dip in the European morning due to local market closures. The American session was quiet, with little movement on the macroeconomic calendar aside from Federal Reserve speakers. The US Dollar took cues from the metals market, showing recovery with Gold’s slide but falling again later in the day. Wall Street closed mixed, with the DJIA losing points while the S&P500 and Nasdaq Composite posted gains. Investors are now looking forward to the upcoming Asian session for key releases, although Tuesday does not have any major releases scheduled. The US Dollar showed strength against the New Zealand Dollar and multiple other major currencies, according to the percentage change chart and heat map.
