The foreign exchange market started the session with mixed movements, as investors assess potential capital outflows from the United States. According to Marc Cogliatti from Validus Risk Management, political uncertainty in the U.S. is prompting investors to diversify their holdings. While the dollar may temporarily strengthen due to safe-haven demand, the overall trend remains bearish.
Recent economic data provided temporary support to the U.S. currency. Both unemployment claims and retail sales figures exceeded expectations, pushing the DXY index to a three-week high. The DXY rose 0.3% to 98.675, after reaching 98.950 during overnight trading. Market participants remain cautious about whether this rebound is sustainable within the current global context.
In the precious metals market, gold edged slightly higher during the Asian session, primarily due to position adjustments in the absence of major economic catalysts. However, recent U.S. data limited gains, as stronger-than-expected retail sales and declining initial jobless claims reinforced perceptions of economic strength, reducing expectations for Federal Reserve rate cuts.
Spot gold rose 0.1% to $3,341.45 per ounce. Analysts are closely monitoring macroeconomic developments to anticipate future price movements.
The oil market remained stable during Asian trading hours amid mixed signals from major global economies. According to Joseph Dahrieh from Tickmill, economic resilience in both China and the U.S. provided some support, though concerns remain about the actual strength of energy demand.
Rising gasoline and diesel inventories have complicated the outlook, contradicting expectations of strong summer travel season demand. Dahrieh noted that this imbalance is putting downward pressure on prices. Traders await further data to confirm or dismiss concerns about weakening global energy consumption.
The nearest WTI contract remained unchanged at $67.51 per barrel, while Brent crude held steady at $69.50 per barrel, according to Asian market figures.
— news from Bitfinanzas