On Monday, the dollar index (DXY) fell by 0.01% following a weaker-than-expected US June payroll report, which diminished expectations for a Federal Reserve interest rate hike. The dollar initially rose after the ISM services index met expectations at 54.0, but losses expanded as Japanese authorities did not intervene to support the yen, resulting in continued pressure on the dollar.
In the Eurozone, the July Sentix investor confidence index increased to -3.1, exceeding forecasts of -10.0, while German factory orders rose by 1.9% in May, surpassing the expected 1.1%. However, May retail sales rose only 0.2%, below the anticipated 0.3%. The euro gained 0.04% against the dollar on the news.
Gold and silver prices rose sharply on Monday, with August COMEX gold closing up 1.01% to mark a 1.5-week high. This increase came after a decrease in US payroll expectations, alongside lower crude oil prices contributing to softened inflation forecasts. Strong demand from central banks, particularly China’s PBOC, which increased its gold reserves by 320,000 ounces to 74.96 million in May, continues to support precious metal prices.
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