Gold Micro Futures Market News and Commentary
The dollar index (DXY00) on Friday fell by -0.236 (-0.23%). The dollar Friday fell moderately after a sharp rally in stocks curbed liquidity demand for the dollar. Also, comments Friday from ECB President Lagarde boosted EUR/USD and weighed on the dollar. Losses in the dollar were limited Friday from higher T-note yields and an unexpected increase in U.S. May new home sales.
Comments Friday from St. Louis Fed President Bullard were bullish for the dollar when he said he favors "front-loading" of rate hikes to contain inflation and "it is a little early to have the debate about recession probabilities in the U.S."
U.S. economic data Friday was mixed for the dollar. On the bearish side, the University of Michigan U.S. Jun consumer sentiment index was revised downward by -0.2 to a record low of 50.0 from the originally reported 50.2. Conversely, May new home sales unexpectedly rose +10.7% m/m to 696,000, stronger than expectations of a decline to 590,000.
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