Forex Today: Cautious start to the week ahead of key US data – by eren_fxstreet Majors Currencies Macroeconomics Commodities CryptoCurrencies
The US Dollar holds its ground against its major rivals at the beginning of the new week with building on Friday's gains. Nevertheless, US stock index futures trade mixed, reflecting a cautious stance. April Producer Price Index and June Sentix Investors Confidence Index data will be featured in the European economic docket ahead of April Factory Orders and May ISM Services PMI releases from the US.
On Friday, the US Bureau of Labor Statistics reported that Nonfarm Payrolls in the US rose 339,000 in May, surpassing the market expectation of 190,000 by a wide margin. Further details of the publication revealed that the Unemployment Rate edged higher to 3.7% from 3.4% in April. The DXY regained its traction on the strongreading and retraced a portion of its weekly decline. Early Monday, the index continues to stretch higher and stays in positive territory above 104.00.
Over the weekend, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman said that Saudi Arabia will make an extra output cut of 1 million barrels per day from July. Moreover, OPEC and its allies announced in a statement that they have reached a deal to target total output of 40.46 million barrels per day from 2024. Following this development, crude oil prices rise on Monday and the barrel of West Texas Intermediate was last seen rising nearly 2% on the day at $73.20.
In the early trading hours of the Asian session on Tuesday, the Reserve Bank of Australia will announce its decisions. The RBA is expected to leave its key interest rate unchanged at 3.85%. Ahead of this important event,
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