Dollar extends gains in European morning tradeUS dollar strength not driven by repricing in interest rates expectationsIsraeli military says it began a series of strikes on TehranOil tankers reportedly reversing course on approach to Strait of HormuzKremlin says US strikes on Iran have increased the number of participants in the conflictIran military says "heavy consequences" for the US are to be expectedFrance June flash services PMI 48.7 vs 49.2 expectedGermany June flash manufacturing PMI 49.0 vs 49.0 expectedEurozone June flash services PMI 50.0 vs 50.0 expectedUK June flash services PMI 51.3 vs 51.3 expected
Markets:
USD leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.1%US 10-year yields up 0.8 bps to 4.383%Gold up 0.3% to $3,377.58WTI crude up 0.6% to $74.39Bitcoin up 0.3% to $101,307The weekend news hit risk sentiment early in Asia and saw oil prices spike up at the open today. But as we got to European trading, much of those fears have ebbed with oil even moving to fill the opening gap higher during the session.
As for oil, WTI crude hit a high of over $77 in early Asia trading before settling down near $75 when we got into European morning trade. That didn't last too long as price fell to a low of $73.75 with the drop arrested by support from the 100-hour moving average.
In FX, the dollar held mostly steady early on before running away with gains across the board. USD/JPY in particular moved up from 147.00 to 148.00 during the session as traders are also sizing up the potential for oil market disruption on the Japanese economy.
For now, it's still all about headline risks as markets look to evaluate the continued impact of the Iran-Israel conflict. But once that slowly passes, do be reminded that we still have trade disputes to look forward to with Trump's tariffs deadline of 9 July drawing ever closer. Adding to that will be potential month-end shenanigans especially in the latter stages of this week.
This article was written by Justin Low at www.forexlive.com. Read More Details
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