The U.S. dollar index (DXY) increased by 0.22% on Monday, driven by safe-haven demand following Treasury Secretary Scott Bessent’s announcement of a campaign to isolate Iran’s economy. The announcement highlighted potential sanctions against countries doing business with Iran, intensifying global economic tensions.
The Chicago Fed national activity index for July declined from -0.14 to -0.08, slightly better than the anticipated -0.09. Meanwhile, the markets are predicting a 43% probability of a 25 basis point rate hike at the Federal Open Market Committee meeting on September 15-16.
In currency shifts, the euro (EUR/USD) fell by 0.14% as dollar strength pushed it down. Additionally, the yen (USD/JPY) saw a modest rise of 0.13% due to expectations of a Bank of Japan rate hike around September 18. Precious metals experienced mixed results, with October COMEX gold closing at a three-and-a-half-month high amidst rising concerns over dollar debasement.
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.
