The US Federal Reserve turned hawkish in its accounts of the April meeting. While some members of the FOMC committee are still worried about downside risks to the economy, the general view across the table suggests that the policymakers are getting ready to hike interest rates next month, if economic data continues to be solid.
The second day of the given week was also not positive for the American Dollar, as it suffered rather sharp losses against some major peers, while gains against the others were only mild.
'Bremain' votes kept providing support for the British currency on Tuesday, causing it to post gains across the board, even despite poor inflation figures.
Commodity markets were more or less stable on Tuesday, as all components posted gradual growth with no extreme deviations from the norm.
Encouraging US consumer price figures prompted some weakness in terms of the Euro's value against the Greenback on Tuesday.
The Greenback began the week with rather poor performance, as losses were detected against the majority of other peers, with exception against the Yen and the Swiss Franc, against which the Buck lost 0.37% and 0.22%, respectively.
Hopes of the UK remaining in Europe provided support for the British currency on Monday, helping it outperform most major peers.
Oil supply disruptions in Canada and Nigeria are raising the likelihood of an easing supply glut. It continues to provide bullish impetus to the futures, as Crude added 3.27% and Brent hiked 2.38% yesterday.
Potential intervention of the Bank of Japan has negatively weighed on the national currency of this country. Speculations sent the Yen down by 0.46% against the Euro.
A positive reading of the US Retail Sales and the PPI data caused the American Dollar to outperform most of other major currencies on Friday and over the weekend.
The Sterling failed to outperform other major currencies on Friday and over the weekend, with rather sharp losses detected against the Yen and the US Dollar.
Precious metals were bid on Friday of the previous week, despite some Dollar's strength in the wake of optimistic statistical releases from the world's largest economy over the trading session. However, the market was predominantly driven by energy components.
While the Japanese Yen failed to sustain a rally against the US Dollar on Friday amid positive fundamentals from the world's largest economy, the Asian currency was up the most against the Euro.
The Greenback's performance was similar to the Pound's, as the Buck remained relatively unchanged against most major peers, with volatility registered only against the Aussie, the Yen and the Euro.
The Sterling's performance was mostly mild on Thursday, as there were significant movements registered only against three major currencies.
With the US currency remaining strongly bid over Thursday, precious metals were unable to find a reasonable ground for a rally. Silver and gold were the worst daily performers, as they plummeted by 2.5% and 1%, respectively.
Only two currency pairs of the Euro gained ground on Thursday, with EUR/AUD adding 0.25% and EUR/JPY increasing by ten basis points.
The US Dollar's performance on Thursday was rather poor, as the Buck declined against most major peers that day.
With fears of ‘Brexit' weighing on the UK currency pair, losses were registered across the board on Wednesday, with the only exception being the Cable.
Supply disruptions in Canada and Nigeria continued to put upside pressure on energy prices over Wednesday. Oil futures were the best performers, as they spiked by 3.5-4.5% and posted growth for a second day in a row.
Despite growing commodity prices, only the New Zealand Dollar managed to increase in value on May 11 among all oil-dependent currencies, and even here an appreciation was caused by news outside of the commodity topic.
The Buck experienced mixed performance on Tuesday, having appreciated against some major peers, but also declined against the others.
The Sterling had another good day yesterday, having appreciated against most major peers over the day.
Contrary to Monday, yesterday all commodities included in our daily review posted distinctly positive changes.