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Riskier currencies such as the GBP, NZD, and AUD skyrocketed to multi-year highs. 10-year Treasury yields rose to the highest level in almost a year. Oil tries to rebound from its previous week's losses.
The poor labor data in combination with technicals pointing to the overbought area, GBP/USD has all chances to pullback down.
Yesterday, S&P surged to the all-time high of 3960, driven by Biden’s $1.9 trillion relief bill. Today the stock index has taken a break. Meanwhile, the US dollar is edging higher today, pressing down its peers.
The US is set to deliver $1.9 trillion stimulus. Nasdaq retreated after Monday’s deep slump. Oil dropped because of an attack on the crude terminal in Saudi Arabia.
Rising yields, potential US tax hikes, and inflation fears worry investors. As a result, the market sentiment is risk-off. Stocks are falling, while the USD and the JPY are edging higher.
US President Joe Biden is expected to unveil a huge infrastructure package today, which will add fresh volatility to markets. Read to get fresh trade ideas!
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
Great Britain will release retail sales for May on June 18, at 09:00 MT time. One cannot underestimate the importance of this indicator.
Weaker recoveries were seen in both the UK manufacturing and service sectors, with the latter recording the greatest loss of momentum since July.
Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.