Forex Today: US Dollar lifts off daily lows, Trump says Iran deal is signed
Here is what you need to know for Tuesday, June 16:
The US Dollar Index (DXY) lifted off 10-day lows to reach the 99.70 price zone even after Trump said it was “important that Oil is plummeting and stocks are rising.” However, caution remains as Trump also warned that there would be “no sanctions relief for Iran until they do what they are supposed to do.”
EUR/USD rose toward the 1.1580 level on Monday, but pulled back from resistance near 1.1620. Traders continue to assess the European Central Bank’s (ECB) policy path after recent signals that policymakers could remain cautious if energy prices stay contained.
GBP/USD is also trading even near the 1.3410 level, with the Pound’s upside limited as investors remain cautious ahead of upcoming UK economic data and Bank of England commentary.
USD/JPY trades higher near the 160.40 level as the Japanese Yen (JPY) remains unsupported by expectations around the Bank of Japan’s (BoJ) interest rate decision due on Tuesday.
AUD/USD rose on Monday to 0.7070, in anticipation of the Reserve Bank of Australia’s (RBA) interest rate decision on Tuesday.
West Texas Intermediate (WTI) Oil fell about 4% to the $81.50 level after Trump’s comments that the Strait of Hormuz had reopened.
Gold jumped more than 2% to $4,320 as easing geopolitical tensions are thought to allow central banks to return to buying the precious metal.
What’s next in the docket:
Tuesday, June 16:
- China Industrial Production (May)
- China Retail Sales (May)
- Japan BoJ Interest Rate Decision
- Australia RBA Interest Rate Decision
- Germany CPI (May)
- Germany ZEW Survey (Jun)
- US ADP Employment Change 4-week average
- Japan Trade Balance (May)
Wednesday, June 17:
- UK CPI (May)
- UK PPI (May)
- UK Retail Price Index (May)
- Eurozone HICP (May)
- US Fed Interest Rate Decision
- New Zealand GDP (Q1)
Thursday, June 18:
- Switzerland SNB Financial Stability Report
- UK Employment Data (Apr/May)
- Switzerland SNB Interest Rate Decision
- Germany Buba Monthly Report
- UK BoE Interest Rate Decision
- US Initial Jobless Claims
- US Philadelphia Fed Manufacturing Survey (Jun)
- New Zealand Westpac Consumer Survey (Q2)
- New Zealand Trade Balance (May)
- UK GfK Consumer Confidence (Jun)
- Japan National CPI (May)
- Japan BoJ Monetary Policy Meeting Minutes
Friday, June 19:
- Germany PPI (May)
- UK Retail Sales (May)
- Canada Retail Sales (Apr)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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