Note

Market summary on May 6: The USD continued to weaken ahead of the NFP report!

Verified Media
· Views 78

Tradehay.com: 07/05/2021 - 03:52

The dollar has a bearish session when Fed officials all commented that it is not time to narrow QE and economic data shows the recovery of the economy. US stocks rallied, gold price surpassed hard resistance and USD / CAD rate continued to decline.

 

  • The S&P 500 Index closed up 0.82% to 4201.6 points
  • The Dow Jones rose 0.93% to 34548.5 points
  • The DXY index closed at 90,888 after touching 91,376 previously

Yesterday we also saw two-way price action on Pound pairs. GBP / USD increased to 1.3940 at times but then dropped to 1.3858 in just a few minutes, then fluctuated in this price range after the BOE report was released. Besides that:

 

  • USD / CAD rate closed near the 1.2150 mark.
  • Gold price rose 32 USD from $ 1,782 / oz to $ 1814 / oz.
  • US 10-year bond yield fluctuated in two directions during the session, closing slightly down to 1.569%.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.