The dollar eased against most currencies on Monday. The greenback has been locked in narrow trading ranges recently as concerns about a resurgence in U.S. coronavirus infections offset growing optimism about the economy.
The euro moved upward but in a narrow range after Germany Factory Orders rebounded 10.4% MoM in May versus 15% expected. Next of relevance is the Eurozone Retail sales that could provide a fresh impetus for the common currency.
The dollar was a shade firmer on the yen at 107.68 on Monday, while the euro edged up to $1.1289. Sterling moved in a narrow range at $1.2497.
Oil prices were mixed on Monday morning as the U.S. reached a record high for new coronavirus cases for the 27th day in a row with twelve states reporting new highs in seven-day case averages. Brent oil futures rose 0.19% to $42.88 while WTI futures slid 0.71% to $40.36.
Gold has benefited from super-low interest rates across the globe as negative real yields for many bonds make the non-interest paying metal more attractive. Spot gold traded at $1,774 per ounce just off last week’s peak of $1,788.96
Coming up, the second reading of the UK’s Construction PMI for June at 08:30 GMT and the Eurozone’s Retail Sales at 09:00 GMT will be the only relevant releases in the session ahead.
In the US session, the ISM Non-Manufacturing PMI at 14:00 GMT will hog the limelight. The Institute for Supply Management’s index for non-manufacturing activity is expected to rise to 50.0 in June from 45.4 in the previous month, indicating activity stopped shrinking.
Dollar Down Even Amid Rising COVID-19 Cases – Focus on US ISM Non-Manufacturing PMI
Published on 2020-07-06 08:39
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