The US Dollar regained strong bullish traction and kept price action in the depressed risk space amid interest rate cut speculation and weak US data release. Additionally, the BoE and Norges Bank they kept their policy rates unchanged in the face of a surprise cut by the SNB.
Here’s what you need to know on Friday, June 21:
The USD Index (DXY) rose to four-day highs near 105.70 supported by the rebound in US yields across the curve and the dominant risk-off mood in the FX galaxy. On June 21, S&P Global’s advanced manufacturing and services PMIs will take center stage, followed by the CB’s leading index and existing home sales.
EUR/USD gave up part of the recent three-session advance and revised the limits of 1.0700 support amid strong selling pressure. The EcoFin meeting is scheduled for June 20, followed by preliminary HCOB manufacturing and services PMIs in Germany and the Eurozone.
GBP/USD followed its risk peers and retreated to multi-day lows well south of 1.2700 support following a firm Dollar and the BoE’s dovish stance. S&P Global’s preliminary manufacturing and services PMIs will be released on June 21, along with GfK consumer confidence, public sector net borrowing and retail sales.
USD/JPY maintained its robust bullish bias and challenged new highs near the 159.00 barrier amid a stronger Dollar and higher yields. Jibun Bank’s advanced manufacturing and services PMIs will be released on June 21, followed by the inflation rate.
AUD/USD faced renewed downward pressure and retreated from recent weekly highs, revisiting the 0.6650 area. In Australia, preliminary Judo Bank manufacturing and services PMIs are expected on June 21.
WTI prices advanced to new highs and approached $82.00 per barrel supported by renewed geopolitical tensions and a weekly drop in US crude oil inventories.
Gold prices managed to gain new momentum and advance to two-week highs around $2,365 per troy ounce. Silver rose more than 3% to surpass $30.00 per ounce and hit a new two-week high.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
