Dollar strengthening accelerates on US retail sales report
US stock market ended marginally lower on Friday led by technology shares. The S&P 500 slid 0.2% to 2886.98, adding 0.5% for the week. Dow Jones industrial slipped 0.1% to 26089.61. The Nasdaq lost 0.5% to 7796.66. The dollar accelerated strengthening as data showed retail sales grew 0.5% in May, while sales were revised to 0.3% growth in April after an initial estimate of 0.2% decline. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.5% to 97.55 but is lower currently. Futures on US stock indices point to higher openings today.
DAX 30 led European indexes losses
European stocks pulled back on Friday. Both the GBP/USD and EUR/USD accelerated their slide but are higher currently. The Stoxx Europe 600 Index lost 0.6% Friday. The DAX 30 slumped 0.6% to 12096.40. France’s CAC 40slipped 0.2% and UK’s FTSE 100 slid 0.3% to 7345.78.
Hang Seng the leader among Asian indexes
Asian stock indices are mixed today. Nikkei added 0.03% to 21124.00 with yen slide against the dollar intact. China’s markets are gaining after data showed last Friday industrial output and investment growth slowed in May: the Shanghai Composite Index is up 0.2% and Hong Kong’s Hang Seng Index is 0.5% higher. Australia’s All Ordinaries Index however pulled back 0.4% as the Australian dollar turned higher against the greenback.
Brent slips
Brent futures prices are edging lower today. Prices ended higher on Friday despite International Energy Agency downgrade of tis 2019 forecast for global oil demand: Brent for August settlement rose 1.1% to close at $62.01 a barrel Friday, falling 2% for the week.
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.