The US dollar continues to lose ground relative to major world currencies. Pressure is put by weak economic reports and political instability in the United States. Last week, the dollar index (DX) updated the annual minimum. The drop in quotations exceeded 1.2%. At the moment, the probability of increasing the range of the Fed's key interest rate in December 2017 is less than 50%.
Statistics Canada published mixed economic reports. In June, the consumer price index, as expected, decreased by 0.1%. At the same time, the volume of retail sales (May) increased by 0.6%, exceeding the forecasted value of 0.2%.
On Friday, futures for the WTI crude oil fell by more than 2%. Participants of the financial markets expect that in July the export of oil products by OPEC participants can show record growth, exceeding 33 million barrels per day. In the Asian trading session, the "black gold" prices recouped slightly.
Market Indicators
The main US stock indexes moved away from the local extremes. On Friday, SPY (SPDR S&P 500 ETF (NYSE:SPY)) showed a slight decrease (-0.09%).
At the moment, the 10-Year US government bonds yield is at the level of 2.23-2.24%.
Today we recommend you to pay attention to the following economic reports:
- Indices of business activity in Germany and the Eurozone at 10:30 (GMT+3:00) and 11:00 (GMT+3:00);
- Sales in the secondary housing market in the US at 17:00 (GMT+3:00).