Key points 07.05.21 US stocks continued their gains last w | FOREX/GOLD

Key points 07.05.21

US stocks continued their gains last week as the disappointing non-farm payrolls report pushed the long-dated US Treasury yields lower. European indices ended the week higher, with DAX closing at a record high for a fourth consecutive session. Australian benchmark hit a fresh high on Friday.

Gold snapped a four-week rally despite the recovery to $1891.48 Friday. WTI crude (SpotCrude) jumped to $69.36 after a five-day winning streak. Ethereum surged more than 10% last week while Bitcoin closed below $36,000.

The US dollar index (USDX) continued to struggle around 90 as the FED tapering discussion looks less likely in near term after the job report. The yield on 10-year Treasury fell to 1.55%, which pushed USDJPY lower to 109.52.

EUR ended the week slightly lower at 1.2166. The ECB is expected to keep its bond purchasing program unchanged this Thursday and release updated economic growth for 2021 and 2022. GBP dipped to 1.4164, marking the first weekly loss since May.

AUD rose to 0.7743 , while NZD lost against dollar last week (-0.52%) and became the worst-performing G10 currency. USDCAD was little changed on the week at 1.2072 despite the higher crude prices.

Credit - Pepperstone