Economic Optimism Continues To Weigh On U.S. Dollar

With continued optimism about the economy reducing the appeal safe havens like the U.S. dollar, the greenback has moved to the downside on Monday. Currently, the dollar is trading at 107.59 yen versus the 107.83 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1132 compared to Friday’s $1.1101. The U.S. dollar index has also moved to the downside on the day, sliding by 0.6 percent to its lowest levels in well over two months. The continued weakness in the value of the dollar came following the release of a report from the Institute for Supply Management showing U.S. manufacturing activity contracted at a slower rate in the month of May. The ISM said its purchasing managers index rose to 43.1 in May from 41.5 in April, coming in just below economist estimates for a reading of 43.6. While the index rebounded from its lowest level since April of 2009, a reading below 50 still indicates a contraction in manufacturing activity. Nonetheless, Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, said the latest figure indicates expansion in the overall economy after April’s contraction. The report from…

Crude Oil Closes Slightly Lower Following Lackluster Session

Crude oil prices turned in a relatively lackluster performance during trading on Monday before ending the session modestly lower. After spiking $1.78 to $35.49 a barrel last Friday, crude for July delivery edged down $0.05 to $35.44 a barrel on the day. The choppy trading on the day came as traders looked ahead to an upcoming meeting of the OPEC+ group as early as Thursday to discuss their output policy. Reuters reported that OPEC and Russia were moving closer to an agreement on extending current output cuts and were now discussing a proposal to rollover supply curbs for one to two months. Meanwhile, Beijing has warned Washington of retaliation after U.S. President Donald Trump announced that the United States would ban some Chinese graduate students and start reversing Hong Kong’s special status in customs and other areas. The material has been provided by InstaForex Company – www.instaforex.com…

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