During Asian trading, the euro is failing to recover against the dollar. Expectations by the end of this year that the Federal Reserve may increase the US interest rate twice more to support the strength of the US currency. At around 8:40 am, the euro is exchanged for $ 1.1662, which at the beginning of the European session shows a weakening of the euro by 0.08%. At 4:00 pm, preliminary Michigan University indices of consumer confidence in the US will be released in July.
During the Asian trade, the British pound has confirmed big losses since yesterday. Namely, yesterday, the US president, who was visiting Britain, said he opposed the modality of relations with the EU that the Government of Theresa May recently announced. He stated that by adopting the road to maintaining a solid free trade zone with the EU, the trade relationship with the United States would be jeopardized. At around 08:50 hours, this currency pair is at $ 1.3213 per pound, which means a pound gain of 0.06%. Today there are no major economic announcements and news from UK, but one member of the Board of the Bank of England is expected to speak. At 4:00 pm, preliminary Michigan University indices of consumer confidence in the US will be released in July. Market participants first of all see the effects of the visit of the US President to the United Kingdom.
The US dollar has kept strong growth since yesterday compared to the Japanese yen, i.e. confirmed it during Asian trading. Yesterday it was announced that the US producer price index was higher than the expectation that it had been expected to expect another two interest rate increases in the US by the end of this year. At around 8:50 am, the US dollar is exchanged for 112.57 Japanese yen, which is a gain of 0.04%. At 4:00 pm, preliminary Michigan University indices of consumer confidence in the US will be released in July.
The price of gold is in a mild fall, as the strengthening of the dollar in relation to all major currencies drags the price of precious metal downwards. At around 8:35 am, the price of gold is about $ 1,245.5 for a fine ounce. At 16:00, preliminary Michigan University indices of consumer confidence in the United States will be published in July, which, insofar as it affects the short-term value of the US dollar, can affect the price of gold. However, market participants primarily look at the effects of a trade war between the US and China and tense relations among Western allies.
During Asian trade, the price of crude oil has not recovered. The deterioration in trade relations between the United States and China continues to outweigh the crude oil price in terms of lower expectations of future demand for it due to the slowdown in the global economy. Also, oil production in Libya is on its way to normalizing. Because of the state of emergency and production difficulties, about 700,000 barrels have since February been producing less oil from there. About 08:35 hours, crude oil is traded for around $ 70.33 per barrel, which has been falling from 0.05% since the beginning of trading today.