The dollar index (DXY00) fell by 0.26% on Monday as a stock rally decreased liquidity demand for the dollar. The decrease was tempered by a 2% rise in WTI crude oil prices, which may prompt the Federal Reserve to maintain a tight monetary policy. The swaps markets currently anticipate a 32% probability of a 25 basis point rate hike at the next FOMC meeting on July 28-29.
Meanwhile, the euro rose by 0.33% following a stronger-than-expected Eurozone economic confidence indicator, which increased by 1.3 to 95.0, exceeding forecasts of 94.3. Eurozone May M3 money supply grew by 3.2% year-on-year, above expectations of 2.7%, while the chance of a 25 basis point rate hike by the European Central Bank at its July 23 meeting is estimated at 7%.
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