Euro Fx/U.S. Dollar Futures Market News and Commentary
The dollar index (DXY00) on Tuesday fell -0.230 (-0.25%). September euro-fx futures (E6U1) closed up +0.0027 (+0.22%), and EUR/USD (^EURUSD) rose +0.0027 (+0.23%). September yen futures (J6U1) closed down -0.0029 (-0.31%), and USD/JPY (^USDJPY) rose +0.36 (+0.33%).
The dollar index (DXY00) on Tuesday gave up an early rally and moved moderately lower. The dollar on Tuesday initially opened higher on positive macroeconomic comments from Fed Chair Powell and better-than-expected U.S. economic data. However, the dollar gave up its advance and moved lower on dovish low-inflation Fed comments along with a rally in stocks that curbed the liquidity demand for the dollar. EUR/USD moved higher Tuesday on strength in German bund yields. USD/JPY moved higher as a rebound in Japan’s Nikkei Stock Index curbed the safe-haven demand for the yen.
Tuesday’s U.S. economic data was supportive for the dollar. U.S. May existing home sales fell -0.9% m/m to 5.80 million, stronger than e... Read more