The Dollar Index Closed in the Negative Zone. The US Currency Is Under Pressure

Yesterday, positive economic data from the US were published. In May, the index of economic activity in the non-manufacturing sector of the US from ISM rose to 58.6, while experts expected a value of 57.9. The number of JOLTS job openings grew to 6.698M instead of 6.490M in April.

However, despite optimistic statistics, the US currency was under pressure due to the introduction of duties on import. It should be recalled that on June 1, the United States imposed duties on import of steel and aluminum for a number of countries. In response, Mexico also introduced duties for America equal to 15-25% on steel and agricultural goods. The EU will also soon introduce its import duties to the United States. The US dollar index (#DX) closed in the negative zone (-0.15%) yesterday.

The British pound has updated the monthly highs against the US dollar after a publication of the index of economic activity in the services sector, which counted to 54.0 instead of the forecasted value of 52.9. Demand for the Australian dollar has grown significantly due to optimistic data on GDP of Australia. In the first quarter, the economy of the country increased by 1.0%, which is higher than the market expectations of 0.8%.

The "black gold" prices are rising. At the moment, futures for the WTI crude oil are testing a mark of $65.70 per barrel. At 17:30 (GMT+3:00), a report on the US crude oil inventories will be published.

Market Indicators

Yesterday, there was a variety of trends in the US stock market: #SPY (+0.07%), #DIA (-0.02%), #QQQ (+0.31%).

At the moment, the 10-year US government bonds yield is at the level of 2.92-2.93%.

The news feed on 2018.06.06:

- Statistics on the US trade balance at 15:30 (GMT+3:00);
- Ivey purchasing managers index in Canada at 17:00 (GMT+3:00).

by JustForex, 2018.06.06

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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