The US Currency Is Under Pressure due to Protests in the US

The US dollar has continued to decline against a basket of currency majors. The dollar index (#DX) has updated local lows and closed in the negative zone (-0.53) yesterday. The US currency is under pressure due to tensions between the US and China, as well as mass protests in the United States. In 15 states and Washington, National Guard units were deployed to contain the protests that began due to the death of African-American, George Floyd, after police custody.

Today, the Reserve Bank of Australia has decided on a key interest rate during the Asian trading session. As experts forecasted, the indicator was left unchanged at 0.25% per annum. Demand for risky assets is still high amid investors' hopes of economic recovery after the consequences of COVID-19.

The "black gold" prices have been growing in expectation of OPEC+ meeting. At an online meeting later this week, major manufacturers will decide whether to extend record cuts in production to support prices. Currently, futures for the WTI crude oil are testing the $36.15 mark per barrel. At 23:30 (GMT+3:00), API weekly crude oil stock will be published.

Market indicators

Yesterday, there was the bullish sentiment in the US stock market: #SPY (+0.40%), #DIA (+0.39%), #QQQ (+0.30%).

The 10-year US government bonds yield is consolidating. At the moment, the indicator is at the level of 0.66-0.67%.

The news feed on 2020.06.02:
  • Today, the publication of important economic news is not expected.

by JustForex, 2020.06.02

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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