Market Drivers; US Session, June 10, 2024

With political unpredictability engulfing Europe in the wake of the June 9 European Parliamentary elections, the US dollar gained momentum this week. The safe-haven dollar gained due to this risk aversion.

The USD Index (DXY) surged above 1.05. It reached multi-week highs. Under pressure from the political concerns, the Euro (EUR/USD) fell to 1.0730.

Currencies:

Ahead of the UK labour market report, the British Pound (GBP/USD) gained some ground in other currency markets following its losses on Friday. The Australian Dollar (AUD/USD) partially recovered versus the dollar, while the Japanese Yen (USD/JPY) declined.

Commodities:

With optimistic predictions for the next US driving season, oil prices continued to rise. Additionally, the price of gold increased, recovering some of the Friday losses. The Federal Open Market Committee (FOMC) meeting and important US economic statistics are now on investors’ minds.

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