Forex Today: Dollar corrects, but remains the weakest

What you need to know on Tuesday, May 11:

 The greenback kick-started the week extending its slide amid the poor US employment report released on Friday but got to recover some ground during US trading hours. A scarce macroeconomic calendar kept majors within limited intraday ranges, as investors await US employment figures to be out later this week.

The EUR/USD pair peaked at 1.2177 but ended the day unchanged in the 1.2140 price zone. GBP/USD soared as investors chose to ignore persistent political risks. UK Prime Minister Boris Johnson called on Sunday for talks with Scotland, Wales and Northern Ireland after Scotland SNP's pro-independence party won parliamentary elections.  On a positive note, local elections in the UK further strengthened Conservative Prime Minister Boris Johnson's party, with the opposite Labour party losing a parliamentary seat.  

Commodity-linked currencies reached fresh multi-month highs against the greenback, as base metals rallied. Copper reached all-time highs, while gold posted an intraday three-month high. Metals retreated ahead of the close. Oil prices gapped higher, but ended the day in the red, with WTI closing at $ 64.75 a barrel.

Markets are in wait-and-see mode as the US will report inflation figures on Wednesday and Retail Sales on Thursday.

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