On Tuesday, the Greenback fell materially vs. a basket of major currencies as US yields declined amid weak US data. Meanwhile, market awaits FBI Director James Comey’s testimony, who is due to testify before the Senate Intelligence Committee on Thursday.
Gold prices hit new highs and settled above $1,290 due to weak USD and tensions between Qatar and its neighbors. The yellow metal could touch the psychological level of $1,300 in anticipation of the UK’s election and former FBI Director James Comey’s testimony.
Dollar fell vs. JPY and settled below ¥110, the lowest level since mid-April as US yields declined.
Euro settled at $1.13 as Euro-zone retail sales rose slightly in April for the fourth month in a row. Technically, the common currency is unlikely to hold gains as the ECB's unwillingness to raise the level of the euro for reasons of inflation.
Oil prices pared its losses yesterday as the political tensions over a rift between Qatar and fellow Arab nations could affect the running of OPEC and oil and gas markets. The U.S. crude settled at $48, in anticipation of the U.S. inventory data.
The most important economic events:
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