The dollar index (DXY) rose by 0.07% on June 27, 2023, as month-end demand and a decline in the yen to a 39-year low contributed to its strength. The May JOLTS job openings unexpectedly increased by 9,000 to a two-year high of 7.594 million, while the June Conference Board consumer confidence index rose by 0.6 to 91.2, falling short of expectations.
In the eurozone, the EUR/USD fell by 0.01% amid dollar strength and a weaker-than-expected German June CPI report. German May retail sales rose by 1.1% month-over-month, surpassing predictions of no change, while unemployment changed by -1,000, indicating a robust labor market. The markets are currently considering a 5% chance of a 25 basis point rate hike by the ECB at its July 23 meeting.
The yen collapsed to a new 39-year low, prompting discussions of possible market intervention after Japan’s Finance Minister indicated alignment with US Treasury on currency policy. May industrial production advanced by only 0.5%, below the expected 0.6% gain. Additionally, gold and silver prices saw mixed movements, with strong central bank demand providing some support against ongoing market pressures.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
