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Hello everyone, today XM Forex will bring you "【XM Group】: Geopolitics casts shadow on the data release that began this week." Hope it will be helpful to you! The original content is as follows:
After the U.S. bombing of several nuclear power plants in Iran over the weekend, geopolitical tensions in the Middle East have further escalated, and the market turned to risk aversion at the beginning of this week. Preliminary data on June Purchasing Managers Index (PMI) for the euro zone, the UK and the US will be released on the economic calendar on Monday. Policymakers of the European Central Bank (ECB) and the Federal Reserve (Fed) will also deliver speeches throughout the day.
In response to the U.S. attack, the Iranian parliament approved a measure to close the Strait of Hormuz, an important offshore channel through which about 20% of global oil and gas demand flows, and oil prices have since soared at the opening weekly. The final decision will be made by the Supreme National Security Council. While Iran's attempt to block the Strait of Hormuz was still short-lived in the past, oil prices rose sharply early Monday as the U.S. Navy took quick action.
The US dollar index opened with a bullish gap this week and then fell slightly. As of press time, the US dollar index was trading in the positive zone around 99.00. On Tuesday, Federal Reserve Chairman Jerome Powell will submit a semi-annual monetary policy testimony to Congress. Meanwhile, U.S. stock index futures remained flat in early European trading.
Data from Australia earlier in the day showed that the S&P Global www.wzhdjgj.comprehensive Purchasing Managers Index rose from 50.5 in May to 51.2 in June. The data shows that private sector business activity is growing at accelerating. Despite the optimistic data, the AUD/USD is still at a disadvantage and traded in the negative area below 0.6450.
Euro/USD stabilized at 1.1500 in early European session on Monday.close. Germany's HCOB www.wzhdjgj.comprehensive purchasing managers index rose from 48.5 in May to 50.4 in June (preliminary). Later in the day, ECB President Christine Lagarde will deliver an introductory statement at a hearing of the European Parliament's Economic and Monetary Affairs www.wzhdjgj.committee in Brussels, Belgium.
GBP/USD fell nearly 1% the previous week and slightly lowered during the Asian session on Monday. The pair rebounded from daily lows and traded around 1.3450.
The US dollar/yen rose on Monday, trading above 147.00, its highest since mid-May.
Gold prices maintain the tone they provide in the first half of the European session, despite lack of follow-up actions in the case of mixed fundamentals. The U.S. attack on Iran’s nuclear facility on Sunday increased the risk of wider conflict in the Middle East and is currently hovering just above $3,350.
Euro: Euro/USD consolidates below 1.1630, and intraday bias remains neutral. A further rebound is expected when the 1.1372 support level is intact. Breakthrough of 1.1572 will continue the upward trend from 1.0176. The next target is to forecast 1.0176 to 1.1572 from 1.1064 to 61.8% of 1.1572. However, a breakout of 1.1372 support will indicate a short-term peak and turn down for a deeper pullback.
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