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Tumbling European Currencies Lift Dollar despite Data

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USD

The dollar index which measures the greenback against a basket of major currencies bounced strongly off the lows and settled higher at 96.96 despite soft inflation data. The Core Consumer Price Index rose by 0.1% only in May, and the year on year reading came in at 2.0% missing estimates of 2.1%. The sluggish data raised the chances that the Federal Reserve will be forced to cut interest rates this year. Initially, the dollar weakened, but the poor performance of the European currencies boosted the demand for the high-yielding currency, dollar. The British pound tumbled as the opposition failed to block a no-deal Brexit, which is considered as the worst scenario. The US 10-year yields hovered near 2.12%, the GBPUSD plunged to $1.2660, and the EURUSD dropped to $1.1283.

Metals

Gold prices edged higher following soft inflation data, which increased the probability that the Federal Reserve will likely cut rates to support the slowing economy. The price of a gold ounce raced higher towards $1338, the silver ounce traded near $14.80, and palladium rallied to a six-week high of $1420.

Oil

Oil prices rose sharply ahead of the European trading session on reports of a tanker explosion in the Gulf of Oman. This is the third incident after the US imposed sanctions on Iran's oil exports. The growing trade tensions between China and the United States were weighing on oil prices lately as a full-blown trade war between the world's two largest economies could deteriorate the global economy and hurt the demand for oil. On the other hand, the US Energy Information Administration reported that the weekly US crude oil inventories rose by 2.206 million barrels last week. The West Texas Intermediate crude futures rose to $53.10, and the Brent futures climbed to $62.60.

Major Economic Events

GMT Country Event Expectation Previous

7:30

CH

SNB Interest Rate Decision

-0.75%

-0.75%

9:00

EU

Industrial Production (MoM) (Apr)

-0.5%

-0.3%

12:30

US

Initial Jobless Claims

215

218

 
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