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Dollar, risk tones keep steadier

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Forex news from the European trading session – 21 May 2021

Headlines:

Markets:

  • CAD leads, EUR lags on the day
  • European equities a little higher; S&P 500 futures up 0.4%
  • US 10-year yields flat at 1.624%
  • Gold flat at $1,878.00
  • WTI up 1.8% to $63.05
  • Bitcoin up 3.5% to $41,473

It was a quiet session for the most part as risk assets held steadier, with European indices a touch higher while US futures are pointing to a modest gain ahead of the open later.

In terms of data, UK April retail sales reaffirmed very strong reopening prospects surrounding the economy while euro area PMI readings were robust once again so far in Q2.

That said, there was a bit of a late nudge lower in the euro after ECB president Lagarde shrugged off any potential rise in inflation as temporary.

EUR/USD is keeping lower around 1.2190 as it struggles to stay above the 1.2200 level for now. Meanwhile, GBP/USD climbed to a high of 1.4234 from 1.4200 but is settling back near flat levels as the dollar keeps steady across the board too.

Commodity currencies were initial laggards but the moves were mild and they are seen more mixed and little changed in general as we look towards North American trading.



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