Dollar Back to Gains and Gold Settles


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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.

  • The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, rose to 96.75 pips hovering near seven-week lows.


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:

  • EUR Euro-Zone Retail Sales (YoY) (APR): (GMT 09:00) – Medium- Forecast (2.1%) – Previous (2.3%).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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