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The US Dollar kicked off the week on a strong note, fueled by rising US Treasury yields and diminishing expectations of an interest rate cut by the Federal Reserve in June. This greenback surge weighed on riskier assets, pushing the Euro (EUR/USD) below 1.0900, a multi-day low.
The Dollar Index (DXY) climbed to new highs above 103.60, reflecting the overall strength of the US currency. This week’s US economic calendar includes data on building permits, housing starts, and net long-term TIC flows, which could further impact the dollar’s trajectory.
Other Currency Pair Highlights:
Euro (EUR/USD): The Euro slumped to multi-day lows against the Dollar amid the greenback’s strength. Additionally, data on German and Eurozone economic sentiment from the ZEW Institute is on tap for today, which could influence the Euro’s movement.
British Pound (GBP/USD): The Pound traded sideways in the low 1.2700s zone, showing a muted response to the Dollar’s advance.
Japanese Yen (USD/JPY): The Yen weakened against the Dollar for the fifth consecutive session, breaking above the 149.00 barrier. This comes ahead of a crucial Bank of Japan (BoJ) policy meeting later today. Japan’s industrial production data will also be released.
Australian Dollar (AUD/USD): The Aussie Dollar faced mild losses, testing the 200-day simple moving average (SMA) around 0.6550. The Reserve Bank of Australia (RBA) is anticipated to maintain its interest rates at its upcoming meeting today. Consumer inflation expectations data from the RBA is also due for release.
Commodities Record Gains:
Oil: West Texas Intermediate (WTI) oil prices surged to multi-month highs above $82.00 per barrel on Monday, driven by news from Iraq and positive signals from the Chinese economic calendar.
Gold: Gold prices managed to rebound after two days of losses, reclaiming the $2,160 per troy ounce level.
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