XE Market Analysis: North America – May 21, 2021

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The dollar’s softening bias showed itself again, which pushed the currency to two-day lows against the euro and yen, and a three-month low in the case of the pound, which was boosted independently by a round of strong UK data. The dollar bloc rebounded from intraday weakness during the European morning, tracking a rebound in commodity prices and a risk-on sentiment in global equity markets, which was aided by solid preliminary May PMI out of Europe and with investors having re-parked any nascent concerns about inflation. Long-dated U.S.