Market summary on May 6: The USD continued to weaken ahead of the NFP report!

Tradehay.com: 07/05/2021 - 03:52

The dollar has a bearish session when Fed officials all commented that it is not time to narrow QE and economic data shows the recovery of the economy. US stocks rallied, gold price surpassed hard resistance and USD / CAD rate continued to decline.

 

• The S&P 500 Index closed up 0.82% to 4201.6 points
• The Dow Jones rose 0.93% to 34548.5 points
• The DXY index closed at 90,888 after touching 91,376 previously

Yesterday we also saw two-way price action on Pound pairs. GBP / USD increased to 1.3940 at times but then dropped to 1.3858 in just a few minutes, then fluctuated in this price range after the BOE report was released. Besides that:

 

• USD / CAD rate closed near the 1.2150 mark.
• Gold price rose 32 USD from $ 1,782 / oz to $ 1814 / oz.
• US 10-year bond yield fluctuated in two directions during the session, closing slightly down to 1.569%.