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Forex Today – Asian Session: Political Concerns Strengthen the Dollar

Additional gains in the US dollar came from an unexpected resurgence of effervescence in the political arena in the old continent, as investors evaluated the results of the June 9 European parliamentary elections.

Here’s what you need to know on Tuesday, June 11:

The Dollar Index (DXY) started the week on a strong foot and advanced to multi-week highs, surpassing the 105.00 barrier. On June 11, only the NFIB Business Optimism Index is expected.

EUR/USD traded strongly on the defensive and visited the 1.0730 region due to the resurgence of political concerns following Sunday’s European parliamentary elections. In the absence of data releases on the euro docket on June 11, attention is likely to focus on speeches from the ECB’s Busch, Lane and Elderson.

GBP/USD managed to partially reverse Friday’s sharp decline, recovering the 1.2700 barrier with some conviction. The UK labor market report will be released on June 11.

USD/JPY rose to five-day highs north of the 157.00 level in response to the strong uptrend in the Dollar and mixed US yields. The Japanese agenda includes orders for machine tools on June 11.

AUD/USD rebounded vigorously and broke through the 0.6600 mark, regaining some of the ground lost in Friday’s intense sell-off. On June 11, the NAB Business Confidence Index will be published.

WTI prices advanced further and flirted with $78.00 per barrel amid auspicious forecasts ahead of the start of the US driving season.

Gold prices put some of Friday’s sharp decline behind them and regained the area above $2,300 per troy ounce, with an eye already on the US CPI data and the FOMC meeting. Silver followed the same path and remained on track to retest the $30.00 per ounce level after the sharp pullback seen in the previous session.

Source: Fx Street

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