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What you need to know on Tuesday, May 18:

The week kick-started with an extension of the risk-on mood triggered by US Retail Sales on Friday, but the good mood faded as the day went by. Most European and American indexes closed in the red, as inflationary concerns persist in the background. Government bond yields ticked higher intraday but finished the day unchanged.

The dollar remained under selling pressure, although a scarce macroeconomic calendar kept the major pairs within familiar levels. The EUR/USD pair hovers around 1.2160, nearing its May high at 1.2181, while GBP/USD hit 1.4146, holding nearby, as UK reopenings underpinned the pound.

The Australian dollar held within familiar levels against the greenback, while the Canadian dollar strengthened alongside oil and despite the sour tone of equities. AUD/USD bulls remained side-lined ahead of the release of the RBA Meeting Minutes after Australian policymakers announced they will review their policy next July amid stubbornly low inflation.

Gold reached a fresh 3-month high of $ 1,868.39 a troy ounce, its highest since February 1, ending the day nearby, while WTI settled at $ 66.20 a barrel.

Ethereum price loses strength, signaling a bearish impulse to $3,000

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