{"id":67817,"date":"2022-06-29T04:38:55","date_gmt":"2022-06-29T00:38:55","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=67817"},"modified":"2022-06-29T14:29:20","modified_gmt":"2022-06-29T10:29:20","slug":"market-drivers-us-session-tuesday-june-29","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-tuesday-june-29\/06\/29\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 Tuesday, June 29"},"content":{"rendered":"\n

Gold lost some ground and settled around $1,820 per ounce, but crude oil prices kept rising amid supply concerns. G7 leaders discussed an agreement to impose a price cap on Russian oil, as sanctions on the crypto sent crude prices skyrocketing. WTI is now at around $111.60 a barrel.

The US dollar resumed its progress on Tuesday and finished the day with gains against most major rivals amid renewed inflation and recession-related fears.

Economic Data<\/strong>

The CB Consumer Confidence Index fell in June to 98.7 at its lowest level since February 2021. More relevantly, the survey showed that consumer expectations were sharply down, falling to their lowest in almost a decade, amid increased concerns about inflation, expected to keep climbing.

Other Developments
<\/strong>
The EUR\/USD pair flirted with the 1.0500 level and settled at 1.0520. The GBP\/USD pair is below 1.2200. Commodity-linked currencies edged lower, undermined by the sour tone of Wall Street. US indexes are once again flirting with bearish territory.

The AUD\/USD pair is now around 0.6900, while USD\/CAD advanced to 1.2875. The USD\/JPY pair is back above 136.00 and nearing multi-decade highs.

Earlier in the day, the European Central Bank President Christine Lagarde spoke at the Central Banking Forum organized by the ECB in Portugal. She reaffirmed the central bank intends to raise rates by 25 bps in July but added that her team is ready to hike at a faster pace if needed. She also downplayed recession risks, noting that policymakers are still expecting positive growth rates. Also, ECB Pierre Wunsch said he would be comfortable with a 50-bps hike in September, as 200 bps of hikes are needed relatively fast.

Focus shifts to inflation, as the US will publish the Q1 core PCE Price Index on Wednesday, the Federal Reserve’s favorite inflation figure, while Germany will unveil the preliminary estimate of June CPI data.

Also Read
<\/strong>Will this week\u2019s crypto rally last for long?<\/a><\/p>\n\n\n\n

GBP\/USD retreats despite disappointing US data<\/a><\/p>\n\n\n\n

T-yields unchanged as investors digest latest economic data<\/a><\/p>\n\n\n\n

Fed\u2019s Daly: Inflation reins the US economy<\/a><\/p>\n\n\n\n

CAD surges on eased Covid-linked restrictions<\/a><\/p>\n\n\n\n

Gold pressured ahead of Powell\u2019s speech<\/a><\/p>\n\n\n\n

EUR\/USD drops to multi-day lows<\/a><\/p>\n\n\n\n

CB Consumer Confidence Index Drops To 98.7 In June<\/a><\/p>\n\n\n\n

US Treasury Department: Will prohibit Russian gold imports under latest sanctions<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold lost some ground and settled around $1,820 per ounce, but crude oil prices kept rising amid supply concerns. G7 leaders discussed an agreement to impose a price cap on Russian oil, as sanctions on the crypto sent crude prices skyrocketing. WTI is now at around $111.60 a barrel.The US dollar resumed its progress on …<\/p>\n","protected":false},"author":13,"featured_media":53046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6923,6884,7273,6874,9586,9007,7563,6862,6909],"class_list":["post-67817","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-ecb","tag-eur-usd","tag-g7","tag-gold","tag-recession-concerns","tag-russian-oil","tag-supply-chain-difficulties","tag-wall-street","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=67817"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67817\/revisions"}],"predecessor-version":[{"id":67821,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67817\/revisions\/67821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53046"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}