The Greenback recovered yesterday vs. a basket of major currencies as markets digested May non-farm payrolls. Meanwhile, The Purchasing Managers' Index (PMI) fell slightly more than expected in May to 56.9% from 57.5 in April, underlining concern over the U.S. economy.
Gold prices settled at $1,280 boosted by the geopolitical concerns in the Middle East and by former FBI Director James Comey’s testimony, who is due to testify before the Senate Intelligence Committee. The yellow metal is awaiting Fed's Interest Rate Decision at its June meeting and the results of the UK general election.
Euro settled at $1.1250 vs. USD and could decline to $1.12 in anticipation of the ECB's latest policy decision.
The Sterling pound traded above $1.29, in anticipation of the UK General election 2017, this Thursday, June 8 as Conservatives could gain the most seats in this week's election. Technically, Cable could see a major wobble as UK election results come in.
Oil prices declined further yesterday and U.S. crude fell to $47.40 on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states would undermine an OPEC-led push to tighten the market.
The most important economic events:
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