Kickstart the trading day for May 7 with a technical look at the EURUSD, USDJPY & GBPUSD

May 7, 2025
-FXnews

The USD is higher vs the 3 major currency pairs to start the US session (by differing amounts of course). Overnight, it was announced that the US and China would meet in Switzerland to break the ice on trade. It is a step in the right direction but as many have stressed, the negotiations with China will be drawn out.

The US Federal Reserve will meet today and announce no change in rates. The focus will be on what Fed Chair Powell says and the FOMC statement. There will be no central tendencies or dot plots. For the June meeting, the market is pricing in around a 30% chance of a cut of 25 basis points.

The stocks are higher in reaction after two days of declines to start the trading week. US yields are modestly higher

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