Dollar Retreats as Stocks Rally

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Summary · why it matters

The dollar index fell 0.26% on Monday as a stock rally reduced liquidity demand for the dollar. A 2% jump in WTI crude oil prices limited losses by strengthening inflation expectations that could keep Federal Reserve policy tight. The euro rose 0.33% after Eurozone June economic confidence beat forecasts, though a stronger-than-expected rise in M3 money supply capped gains. The yen hit a 39-year low against the dollar amid reports Japan will call for appropriate monetary management to dissuade the Bank of Japan from further tightening, while an unexpected rise in May retail sales limited losses. Gold and silver settled sharply lower, with August COMEX gold down 1.40% and July silver down 1.77%, pressured by higher crude prices and reduced safe-haven demand.

Impact on assets 5

Others± Mixed · 5 stocks
💱US Dollar/Japanese Yen FX Spot Rate
USDJPY
▲ PositiveMonetaryrelevance

Yen hit 39-year low amid reports Japan will call for appropriate monetary management to dissuade BOJ from tightening; unexpected retail sales rise limited losses.

⛏Gold Futures
GOLD
▼ NegativeMonetaryrelevance

Gold pressured by higher crude prices (inflation expectations) and reduced safe-haven demand.

⛏Silver Futures
SILVER
▼ NegativeMonetaryrelevance

Silver pressured by higher crude prices and reduced safe-haven demand.

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