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The US dollar strengthened significantly on Monday, reaching its highest level in several days as investors adopted a cautious stance. Anticipation for upcoming central bank decisions and key economic data is driving market sentiment.
Key Economic Indicators
Today’s focus is on consumer confidence, alongside job openings data, house price index, and weekly crude oil inventories. On the European front; Germany will release preliminary inflation and GDP figures for the second quarter. In Japan; Unemployment Rate data will be published and in Australia; Advanced building permits are due.
Forex Space
The dollar index (DXY) climbed to multi-day highs near 104.80, supported by declining US bond yields. The EUR/USD pair fell below the 1.0800 level due to the dollar’s strength. The GBP/USD pair traded sideways near 1.2860.
The USD/JPY pair surged past the 154.00 mark as the yen weakened. The AUD/USD retraced recent gains.
Commodities
Crude oil prices extended their decline, reaching seven-week lows near $75 per barrel. Gold and silver, both precious metals, faced downward pressure, with gold trading near $2,380 per ounce and silver near $27.30 per ounce.
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