The Greenback regained further traction and climbed to multi-week highs on the back of the Fed’s policy divergence vs. some of its G10 peers and hawkish Fedspeak, while multi-decade lows in the Japanese yen also added to the Dollar’s gains.
Here is what you need to know on Thursday, June 27:
The USD Index (DXY) added to Tuesday’s advance and managed to reclaim the area beyond the 106.00 barrier along with further upside in US yields. On June 27, the final Q1 GDP Growth Rate will be at the centre of the debate, seconded by Durable Goods Orders, advanced Goods Trade Balance, pending Home Sales and weekly Initial Jobless Claims.
EUR/USD remained well on the defensive and dropped to new monthly lows near 1.0660 on the back of the Dollar’s march north. The EMU’s final Consumer Confidence gauge, Economic Sentiment and Industrial Sentiment are due on June 27.
GBP/USD flirted with its monthly lows near 1.2620 against the backdrop of further improvement in the Greenback and the broad-based offered stance in the risk-linked galaxy. The BoE’s Financial Stability Report (FSR) is due on June 27.
USD/JPY advanced to multi-decade peaks well north of the 160.00 hurdle amidst rising prudence on potential FX intervention by the BoJ. Retail Sales and weekly Foreign Bond Investment figures are expected on June 27.
AUD/USD printed humble gains on expectations that the RBA might keep its restrictive stance for longer, all in response to higher-than-expected inflation figures in Australia. Consumer Inflation Expectations are due on June 27 along with the speech by RBA’s Hauser.
Prices of the WTI remained stuck within their range near $81.00 following another unexpected build in US crude oil supplies and persistent demand concerns.
Gold prices revisited the area below the $2,300 mark per ounce troy, down for the second consecutive session on the back of the stronger Dollar and higher yields. Silver extended its bearish trend and clinched new six-week lows near $28.60.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Australian Dollar steady as markets asses minor US data
The AUD/USD regained positive traction on Thursday following the overnight pullback from a one-week top. A softer US Dollar and a positive risk tone benefited the Aussie, as well as the Reserve Bank of Australia’s (RBA) hawkish stance.
EUR/USD: Further losses now look at 1.0450
Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.
Gold faces extra upside near term
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.