Dollar Index Inches Higher; Stock Futures Mixed

Dollar Index Inches Higher; Stock Futures Mixed


The dollar index, which measures the greenback against a basket of major currencies, inched higher for the second day to retest 92, as investors await crucial economic data. The last Federal Reserve meeting was a key driver for the dollar, but the extended move led to partial profit-taking, and after that, the market stalled as investors search for drivers. The June jobs report could be another catalyst for the market to move again, especially if it shows the labor supply is catching up with demand. The EURUSD eased to $1.1905, the GBPUSD dipped to $1.3854, and the USDCAD rallied to 1.2359.


Futures tied to major US stock indices had a mixed performance. The US 10-year yields fell to 1.468%, giving the highly leveraged tech companies a push, while the Dow Jones went into profit-taking. Investors will be looking carefully at the upcoming economic data. The Tech-heavy Nasdaq rallied to a record high of 14517, the S&P500 futures hit an all-time high of 4281, while the Dow Jones Industrial Average futures dropped to 34111.


Precious metals prices drifted lower as the dollar gained ground. The price of a gold ounce dipped to $1772, the price of a silver ounce eased to $25.96, while palladium rallied to $2700.


Oil prices declined from their interim top as investors look forward to the OPEC+ meeting. Top oil producers will meet later this week to decide on their output, where the market is expecting at least an addition of 500 thousand barrels per day. On the other hand, the continuous outbreak of the new "Delta" COVID19 variant is worrying investors as it could disrupt the economic recovery with countries moving into restrictions again. The West Texas Intermediate crude August contract fell to $72.44, and the Brent blend September delivery plunged to $73.65.

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