Review of the dollar, euro, pound, yen, aussie and gold prices for May 27, 2021


The European currency is showing multidirectional dynamics against the US dollar during the Asian session, consolidating near the level of 1.2200. The euro retreated from its local highs the day before, which was facilitated by the growth of correctional sentiment for the dollar ahead of the publication of updated data from the United States on GDP dynamics for the 1st quarter of 2021. In addition, today investors will pay attention to the publication of statistics on the dynamics of applications for unemployment benefits, which may again turn out to be optimistic. In addition, today the head of the US Treasury Department Janet Yellen will speak, who is still expected to take steps to gradually tighten monetary policy in the country. In turn, noteworthy statistics from the eurozone will appear tomorrow, when the data on business sentiment for May is released. Thursday will be marked only by the speeches of the Vice President of the European Central Bank (ECB) Luis de Guindos and the member of the ECB Governing Council Isabel Schnabel.


The British pound is trading slightly lower against the US dollar during the morning session, developing a weak corrective momentum that has emerged since Tuesday. The fundamental picture on the market is changing slightly, and the British currency is still in high demand amid the stabilization of the epidemiological situation in the country. Concerns about the Indian strain of the virus persist, but authorities are confident that the vaccine will be effective against it, so the vaccination campaign continues to gain momentum. Last week, the UK leadership went to the third stage of easing restrictions, which favorably affects the pace of recovery of the national economy.


The Australian dollar is trading near zero against the US currency in the Asian session, holding near the 0.7740 level. The pair slipped somewhat over the past two trading sessions, which was due to the strengthening of corrective sentiment in the US currency against the background of restrained optimism from macroeconomic statistics from the US. In turn, investors are still disappointed with the decision of the US Federal Reserve to maintain a wait-and-see attitude and ignore high inflation rates in the country. Central banks of many countries have already outlined their plans for the near future, but the American regulator remains unshakable and each time postpones the discussion of the reduction of the quantitative easing program (as well as interest rates) for the future. The Australian dollar on Thursday was slightly supported by the private capital expenditure indicator in the country. At the end of the 1st quarter of 2021, costs in the private sector increased by 6.3% qoq after growing by 4.2% qoq over the previous period. Analysts had expected the indicator to rise by only 2% qoq.


The US dollar is developing a slight correction against the Japanese yen in trading in Asia, consolidating near its weekly highs and the resistance level of 109.00. The American currency showed moderate growth the day before, despite the fact that no new drivers have appeared on the market. Moreover, the strengthening of the instrument proceeded against the background of the publication of positive macroeconomic data from Japan. Thus, the index of coincident indicators at the end of March rose from 89.9 to 93 points, and the index of leading indicators – from 98.9 to 102.5 points. Today investors expect the publication of data on applications for unemployment benefits in the United States, as well as speeches by officials, including the head of the US Treasury Janet Yellen. Noteworthy news from Japan arrives on Friday, when the May consumer price statistics are released, as well as the April labor market data.


Gold prices are showing mixed dynamics during the Asian session, consolidating around 1900.00. The day before, the instrument made another attempt at growth and renewed local maximums since the beginning of the year, receiving support from the weak positions of the American currency and a decrease in the yield of US Treasury bonds. However, it was not possible to gain a foothold at the new levels of XAU / USD, and by the close of the daytime session the pair had lost all the previously gained advantage. Investors closed part of their long positions on the instrument before the publication of updated data on the dynamics of US GDP for the 1st quarter of 2021 and statistics on the dynamics of orders for durable goods. It is assumed that strong macroeconomic indicators may put additional pressure on the US Federal Reserve in terms of curtailing support measures for the national economy.

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