Greenback ticks higher on Tuesday

08/06/2021

The US dollar was trying to recover from the post-NFP sell-off, with the dollar index trading 0.2% stronger today.

Earlier in the day, data showed that Japan’s GDP contracted 1% quarter-on-quarter and 3.9% year-on-year for the first quarter of 2021. The yen slid, pushing the USDJPY pair above 109.50.

Later today, the EURUSD pair might be volatile after the latest ZEW surveys. The economic sentiment in the eurozone is expected to fall to 77 in June, down from 84 in May. Additionally, the EU employment change and GDP numbers will be released.

There are no major macra data releases during the US session today.

Elsewhere, oil failed to defend the 70 USD threshold and was trading 1% weaker today, last seen at around 68.50 USD.

Somewhat stronger greenback undermined precious metals today. Silver was down 0.8%, while gold traded half a percent lower. 
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