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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
EUR/USD gathers bullish momentum and trades above 1.1600 on Monday. The US and Iran have reached a deal to reopen the Strait of Hormuz on Sunday, which underpins risk sentiment, supporting the Euro against the US Dollar. Now, the main focus this week remains on the Fed policy decision due on Wednesday.
GBP/USD pulls away from the 10-day high it touched above 1.3460 but manages to stay in positive territory above 1.3400. The positive shift seen in risk mood following news of the US and Iran reaching a framework agreement to end the conflict and reopen the Strait of Hormuz helps the pair hold its ground.
Gold rises sharply on Monday and trades well above $4,300, gaining nearly 3% on the day. The precious metal gathers bullish momentum after the United States and Iran had reached a deal to end their conflict, easing concerns about inflation and higher interest rates.
Bitcoin, Ethereum and Ripple begin the week on a constructive note as the top three cryptocurrencies attempt to extend rebounds after recovering nearly 4%, 2% and 2.6%, respectively. BTC steadies around $65,600, ETH continues to hold firmly above the key $1,700 support, while XRP nears the upper boundary of the falling channel pattern.
May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.
