The dollar regained more traction and rose to multi-week highs thanks to the Fed’s policy divergence from some of its G10 peers and hawkish comments from the Fed, while multi-decade lows in the Yen Japanese also contributed to the gains of the Dollar.
Here’s what you need to know on Thursday, June 27:
The Dollar Index (DXY) added to Tuesday’s advance and managed to reclaim the area beyond the 106.00 barrier along with a further rise in US yields. On June 27, the GDP growth rate of the first quarter will be the center of the debate, supported by durable goods orders, the advanced goods trade balance, pending home sales and initial weekly unemployment benefit claims.
EUR/USD remained well on the defensive and fell to new monthly lows near 1.0660 as the Dollar advanced north. The final EMU consumer confidence index, economic sentiment and industrial sentiment will be released on June 27.
GBP/USD flirted with its monthly lows near 1.2620 against the backdrop of further improvement in the Dollar and widespread bid stance in the risk-linked galaxy. The BoE’s financial stability report (FSR) will be published on June 27.
USD/JPY advanced to multi-decade peaks well north of the 160.00 barrier amid growing caution about possible FX market intervention by the BoJ. Retail sales and weekly foreign bond investment figures are expected on June 27.
AUD/USD posted modest gains on expectations that the RBA could maintain its restrictive stance for longer, all in response to higher-than-expected inflation figures in Australia. Consumer inflation expectations will be released on June 27 alongside the RBA’s Hauser speech.
WTI prices remained stuck within their range near $81.00 following another unexpected rise in US crude oil supplies and lingering demand concerns.
Gold prices revisited the area below the $2,300 per troy ounce mark, falling for the second consecutive session due to the strength of the Dollar and higher yields. Silver extended its downtrend and reached fresh six-week lows near $28.60.
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.
