The dollar kept firmer on Tuesday morning, however gave up some of its gains from the last session as investors balance positive trade data with increasing COVID-19 figures.
China reported a higher-than-expected manufacturing Purchasing Manager’s Index of 50.9 earlier in the day. Meanwhile, COVID-19 continues its rampage, with over 10.2 million cases as of June 30 according to Johns Hopkins University data.
EUR/USD is trading closer to 1.12, off the highs, but on course for the second positive monthly close.
GBP/USD is struggling to recapture 1.23 after UK GDP was downgraded from -2% to -2.2% in the first quarter.
USD/JPY was up 0.15% to 107.72.
Gold was up on Tuesday morning and looked set to close the second quarter of the year with its biggest quarterly advance since 2016.
Oil was down on Tuesday morning, giving up its gains from the previous session as demand worries dampened investor sentiment. Investors will be looking at crude oil supply data from the American Petroleum Institute (API), due later in the day.
In the European session, market participants will now look forward to the flash version of the Eurozone consumer inflation figures for June. Preliminary inflation figures for June are set to show an increase, following upbeat statistics from Germany and Spain.
The US economic docket sees the release of Chicago PMI for June and the Conference Board’s Consumer Confidence Index. Later during the US session, the Fed Chair Jerome Powell, along with Treasury Secretary Steven Mnuchin, will testify before the House Financial Services Committee.
US Dollar Keeps Firmer – Eurozone Preliminary CPIs and US consumer confidence in Focus
Published on 2020-06-30 07:42
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