Forex News
The US Dollar Index (DXY) fell toward the 98.90 region on Friday as improving market sentiment linked to developments in the Middle East reduces demand for safe-haven assets. Although the latest United States (US) Core Personal Consumption Expenditures (PCE) Price Index on Thursday held steady at 3.3% YoY in April, reinforcing expectations that the Federal Reserve (Fed) may keep interest rates elevated for longer, investors focused on reports that the US and Iran reached a memorandum of understanding to extend the ceasefire by 60 days, reopen the Strait of Hormuz, and begin nuclear negotiations.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.14% | -0.18% | 0.02% | 0.05% | -0.35% | -0.94% | -0.47% | |
| EUR | 0.14% | -0.04% | 0.17% | 0.19% | -0.22% | -0.78% | -0.34% | |
| GBP | 0.18% | 0.04% | 0.19% | 0.23% | -0.17% | -0.73% | -0.29% | |
| JPY | -0.02% | -0.17% | -0.19% | 0.05% | -0.36% | -0.96% | -0.49% | |
| CAD | -0.05% | -0.19% | -0.23% | -0.05% | -0.41% | -0.98% | -0.53% | |
| AUD | 0.35% | 0.22% | 0.17% | 0.36% | 0.41% | -0.57% | -0.12% | |
| NZD | 0.94% | 0.78% | 0.73% | 0.96% | 0.98% | 0.57% | 0.46% | |
| CHF | 0.47% | 0.34% | 0.29% | 0.49% | 0.53% | 0.12% | -0.46% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
EUR/USD advances toward the 1.1670 area as broad US Dollar (USD) weakness supports the shared currency.
GBP/USD climbs toward the 1.3470 region, benefiting from softer demand for the Greenback. Sterling remains supported despite lingering concerns surrounding the United Kingdom's (UK) fiscal outlook and slowing economic growth.
USD/JPY trades near the 159.30 zone as the weaker US offsets support from elevated US yields. The Japanese Yen remains pressured after Tokyo Core CPI slowed to 1.4% YoY in May, while Bank of Japan (BoJ) Governor Kazuo Ueda warned that energy shocks could become more persistent if they begin influencing wages and inflation expectations.
AUD/USD rises toward the 0.7190 region as improving sentiment surrounding US-Iran negotiations boosts demand for risk-sensitive currencies.
West Texas Intermediate (WTI) Oil trades near $88.00 per barrel as hopes for a ceasefire extension and the potential reopening of the Strait of Hormuz ease concerns over supply disruptions.
Gold surges near the $4,550 region as investors balance improving risk appetite against persistent geopolitical uncertainty and elevated global inflation pressures.
Anticipating economic perspectives: Voices on the horizon
Friday, May 29:
- BoE's Mann
Sunday, May 31:
- UK BoE's Greene
- Fed's Waller
- Fed's Powell
Tuesday, June 2:
- ECB's Vujčić
- BoE Governor Bailey
- ECB's Sleijpen
- BoE's Greene
Wednesday, June 3:
- BoJ Governor Ueda
- ECB's Elderson
- Fed's Barr
- ECB's Cipollone
- BoE Monetary Policy Report Hearings
- Fed Beige Book
Thursday, June 4:
- ECB President Lagarde
- BoE Governor Bailey
Friday, June 5:
- BoE's Dhingra
- BoE Governor Bailey
Central banks' meetings and upcoming data releases to shape
Friday, May 29:
- China Manufacturing PMI
- China Non-Manufacturing PMI
Sunday, May 31:
- AU TD-MI Inflation Gauge
- China Caixin Manufacturing PMI
Monday, June 1:
- Eurozone Retail Sales
- CH Retail Sales
- CH GDP
- Germany Manufacturing PMI
- France Manufacturing PMI
- Eurozone Manufacturing PMI
- Eurozone Unemployment Rate
- CA Manufacturing PMI
- US Manufacturing PMI
- AU Building Permits
Tuesday, June 2:
- Eurozone CPI
- US JOLTS Job Openings
- NZ Building Permits
- AU AiG Industry Index
- AU PMI
- AU Q1 GDP
- China Caixin Services PMI
Wednesday, June 3:
- Spain Services PMI
- Germany PMI
- Eurozone PMI
- Eurozone PPI
- US ADP Employment Change 4-week average
- US PMI
- US Factory Orders
- AU Trade Balance
Thursday, June 4:
- CH CPI
- Eurozone Retail Sales
- US Challenger Job Cuts
- US Initial Jobless Claims
- US Nonfarm Productivity
- US Unit Labor Costs
- JP Labor Cash Earnings
Friday, June 5:
- Eurozone GDP
- Eurozone Employment Change
- CA Employment Report
- CA Average Hourly Wages
- CA Unemployment Rate
- US Nonfarm Payrolls
- US Unemployment Rate
- US Average Hourly Earnings
- US Labor Force Participation Rate
- CA Ivey PMI
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- Silver consolidates near the 50-day SMA after reclaiming $75.00.
- RSI flattens in bearish territory, suggesting sellers still hold momentum.
- Break below $73.09 exposes $70.87 and the 200-day SMA support.
Silver (XAG/USD) price retreats 0.16% on Friday, consolidating around the $75.00-$76.00 area and is virtually unchanged, near the 50-day Simple Moving Average (SMA) at $75.70.
XAG/USD Price Forecast: Technical outlook
Silver looks set to extend its consolidation after breaking below the ascending channel’s support trendline and the 50-day SMA, but the white metal has reclaimed the $75.00 mark.
The RSI turned bearish in mid-May and continues to point lower, suggesting sellers are building momentum, but the index turned flat ahead of the weekend.
Above, the first resistance for XAG/USD is the 20-day SMA at $77.92, followed by $78.00. A breach of the latter will expose the 100-day SMA at $81.15.
The break under the $75.00 psychological level further opened the door to additional downside.
If XAG/USD falls below the May 19 low of $73.09, the next support is the April 29 low at $70.87. A deeper decline would expose the 200-day SMA at $65.97, followed by the yearly low of $61.02.
XAG/USD Price Chart – Daily
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
- US-Iran deal hopes pressure Oil, easing global inflation risks.
- Chicago PMI jump signals renewed strength in US manufacturing.
- Fed hike bets fade, but sticky Core PCE remains.
Gold (XAU/USD) price advanced more than 1.50% on Friday amid news that Iran and the US are close to signing a deal aimed at extending the ceasefire for 60 days to allow negotiations on Iran’s nuclear program. At the time of writing, XAU/USD trades at $4,563, after bouncing off daily lows of $4,489.
XAU/USD jumps as ceasefire hopes ease inflation fears
Sources familiar with thenegotiations revealed that if an agreement is reached, the Strait of Hormuz will reopen and the US Navy will lift its blockade, allowing the free passage of vessels through the strait. Meanwhile, US President Donald Trump said that he would be in the Situation Room “to make a final determination” about the agreement. Reuters reported that a senior Iranian source said a political understanding on the war has been reached between the two sides, but it is not yet finalised.
The news pushed Oil prices lower, as West Texas Intermediate (WTI) lost over 1.50%, with traders seemingly confident of a diplomatic ending, which would free petrol sitting near the Persian Gulf and ease a global energy shock.
Consequently, inflationary pressures would be tempered, relieving major central banks worldwide, which are considering tightening policy due to the jump in energy prices.
Data-wise, the US economic docket showed that the trade deficit narrowed and that business activity in the Midwest is back in expansionary territory. The Chicago Purchasers Managers’ Index (PMI) rose to 62.7 in May from 49.2 the previous month, surpassing the 50.5 forecast and indicating that the manufacturing sector is gaining steam.
A day ago, economic data showed that the US economy is losing momentum, as first-quarter 2026 GDP dipped to 1.6% from the initial estimate of 2%. On the contrary, inflation continues to edge higher as the Federal Reserve’s (Fed) preferred inflation gauge, the core PCE Price Index, rose by 3.3% YoY in April, up from 3.2% in March.
Money markets have trimmed hawkish bets on the Federal Reserve and now expect the US central bank to hold rates unchanged, with odds of a rate hike around 42%, according to Prime Terminal data.
Meanwhile, Fed officials crossed the wires, with San Francisco Fed Mary Daly saying that it is “important for the Fed to restore price stability, but not at the expense of harming the economy.” Her colleague, Philadelphia Fed President Anna Paulson, said inflationary pressures are weighing on the economy, making it tough for firms to plan for the future.
Earlier, Fed Governor Michelle Bowman said that disinflation has slowed and that she might change the policy stance if inflation driven by the war persists. Meanwhile, Kansas City Fed's Jeffrey Schmid indicated that the US central bank must think about ways to tighten monetary policy further, cautioning against viewing the Oil shock as temporary.
Next week, Gold traders will eye the release of the ISM Manufacturing and Services PMIs and the release of May’s Nonfarm Payrolls.
XAU/USD technical analysis: Gold price clears $4,500, eyes on 20-day SMA
Gold price clearly reclaimed the $4,500 level and the downward resistance trendline, opening the door to challenge key resistance levels.
Buyers are gaining momentum, as the Relative Strength Index (RSI), although bearish, is rising, a signal of further upside.
The 20-day Simple Moving Average (SMA) serves as the first level of resistance at $4,588, followed by $4,600. Above this lies the 50-day SMA at $4,630, followed by the 100-day SMA at $4,798.
Downwards, if XAU/USD dives below $4,500, the first support would be $4,450, opening the door to the 200-day SMA at $4,399, followed by the intraday low at $4,366.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
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