The New Zealand dollar was the worst performing currency against the US dollar. NZDUSD shed 0.82% in a decline from 0.6918 to 0.6854%. Even a rise of 1.9% in the GlobalDairyTrade auction results didn’t help. AUDUSD dropped to 0.7449 from 0.7519.
Oil prices dropped from $71.89 to $70.49 and then rallied to close at $71.18. Gold prices dropped from $1,314.70 to $1,292.42 on the threat of higher US inflation and interest rates.
Wednesday Focus: EURUSD bears may take a rest ahead of Eurozone inflation data. April CPI is expected to rise 1.2%, y/y. core CPI is also expected at 1.2%, y/y