Economic Indicators & Central Banks:
The USDIndex remained firm ahead of the Fed’s upcoming meeting. The USD’s strength was bolstered by a stronger-than-expected jobs report (272K), reducing the likelihood of imminent rate cuts by the Fed.
The EURUSD declined by 0.44% to $1.0740, falling over 2.5% against the USD this year, and reached its lowest since August 2022 against the GBP.
The USDJPY advanced to 157.17 – GDP contracted, wage growth has been slow, Import prices have risen due to a weaker yen, sluggish consumer spending has negatively affected the economy, private consumption makes up half of Japan’s economic activity.
USOIL sustained gains above to $75, supported by hopes of increasing fuel demand this summer.
Gold dipped to $2,292.70, with key 2-month support at $2,275.
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Andria Pichidi
Market Analyst
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