What you need to know on Tuesday, May 12:
A slow Monday ended with the dollar generally strengthening against its major rivals. The EUR / USD pair eased 1.0800 with the shared currency weighed by news that the European Commission announced on Sunday that it could open a lawsuit against the German Constitutional Court’s decision on ECB easing programs.
The GBP / USD pair fell below 1.2300. British Prime Minister Johnson spoke on Sunday about how the UK will proceed from here. His message was confusing as he actively called for returning to work those workers who cannot work from home, but also encouraged people to stay home if possible. Starting this Wednesday, people would be allowed to take unlimited outdoor exercise and sit in parks, although foreign visitors to the UK must be quarantined for 14 days upon arrival.
the USD / JPY couples added over 100 pips backed by rising hopes of financial reopening and demand for recaptured dollars. Wall Street struggled with early losses and closed mixed, with Nasdaq and S&P ending the day in the green.
Commodity-linked currencies were the worst, drawn lower by European indices that closed red. gold settled under $ 1,700.00 a troy ounce. Crude oil prices started the day with strong positive momentum, but failed to maintain gains despite Saudi Arabia announcing it would take a further voluntary cut of 1 million barrels per day. Day in June.
Cryptocururrency remained depressed after Bitcoin halving