Summary

• The Federal Reserve delivered a hawkish hold yesterday. The jump in US rates spurred a strong dollar advance that has been extended a little today.
• Following the hawkish hold by the Federal Reserve, the euro tumbled to its lowest level since the end of March.
• The dollar reached a five-day high against the offshore yuan yesterday, near CNH6.7815. Initial resistance may be around last week’s high (~CNH6.7925).
• The eurozone reported a 15.7 bln euro current account surplus in April. In April 2025, it stood at 22.1 bln euros.

The Federal Reserve delivered a hawkish hold yesterday. The jump in US rates spurred a strong dollar advance that has been extended a little today. The new Fed chair received mostly high marks and dealt