Market Commentary: Friday 23rd May

The USD continues to remain weak, with the Bloomberg Dollar Spot Index dropping 0.3% and extending its weekly loss to 1.2%—the biggest move in six weeks. Today, the dollar has retreated against all G10 peers.

The bond market sell-off continues, reflecting concerns over the US’s surging debt, which will be further compounded by the newly proposed signature tax bill.

Federal Reserve Governor Christopher Waller stated that the central bank could cut interest rates in the second half of 2025 if the Trump administration’s tariffs on US trading partners settle around 10%.

Spot gold has traded fairly sideways over the past couple of days and is currently sitting around $3,330.

Bitcoin is down slightly overnight, retreating from all-time highs and ending a five-day streak that saw a 7.4% advance.
Alternative cryptocurrencies saw a rally as demand rotated in their favor.

• Bitcoin weakened 0.3% to $110,812.22

• Ether rose 1.9% to its highest level since February 23

Main data releases today include UK and Canadian Retail Sales, as well as US New Home Sales.

Enjoy the long weekend, with both the US and UK celebrating bank holidays on Monday.

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