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Dollar gains amid sell everything mood

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Forex news from the European trading session – 19 May 2021

Headlines:

Markets:

  • USD leads, NZD lags on the day
  • European equities down, S&P 500 futures -0.8%
  • US 10-year yields up 2 bps to 1.657%
  • Gold down 0.8% to $1,854.73
  • WTI down 2.1% to $64.12
  • Bitcoin down 10.8% to $38,580

It was a quiet session but risk-off tones prevailed for the most part with equities sliding after yesterday’s late retreat and the dollar firming in the major currencies space.

Commodity currencies were on the defensive as European equities opened lower before falling further as US futures also displayed a similar mood with Nasdaq futures down >1%.

AUD/USD fell from 0.7780 to 0.7735 as the dollar firmed across the board with NZD/USD also making its way back under 0.7200 to 0.7180 and holding near the lows.

EUR/USD saw a slight advance initially to 1.2245 but gave it all back as the dollar strengthened in a push to 1.2190 before holding closer to 1.2200 currently.

Treasury yields also firmed in a little to 1.65% in a bit of a sell everything mood in the market, with commodities also falling as oil slumps by over 2% to near $64.

The other main story in the market today is the rout in cryptocurrencies as Bitcoin falls below $40,000 for the first time since February with the technicals starting to erode.



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