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The dollar index (DXY00) decreased by 0.12% on Monday due to diminished safe-haven demand amid hopes that the Israel-Iran conflict could be contained. Key data from the June Empire manufacturing survey revealed an unexpected drop in general business conditions, falling from -6.8 to -16.0, contrary to predictions of a rise to -6.0. T-note yields partially mitigated the dollar’s losses.
Iran’s government indicated a willingness to cease hostilities and resume talks regarding its nuclear program, raising market optimism. Conversely, Israeli Prime Minister Netanyahu stated that attacks would continue until Iran’s nuclear capabilities are dismantled. This geopolitical tension contributes to the volatile financial landscape, influencing currency fluctuations.
In the Eurozone, the euro gained 0.16% against the dollar, while the yen rose 0.41% as global equity market rebounds reduced safe-haven demand. August gold prices fell by 1.03%, whereas silver eked out a slight gain of 0.16%. China’s May new home prices decreased 0.22% m/m, marking the twenty-fourth consecutive month of declines, with industrial production rising by 5.8% y/y, slightly below expectations.
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