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Hello everyone, today XM Forex will bring you "[XM Group]: The US dollar weakened before Powell, and the Iran-Israel ceasefire caused oil prices to plummet." Hope it will be helpful to you! The original content is as follows:
In the European session on Tuesday, June 24, risky flows dominated the actions of the financial markets as investors cheered for the announcement of a ceasefire by Iran and Israel. The European Economic Calendar will showcase German business confidence data. In the second half of the day, Federal Reserve Chairman Jerome Powell will testify before the U.S. House Financial Services edoyoko.committee on the semi-annual monetary policy report.
After a 12-day missile attack, Iran and Israel reached an agreement to end the conflict. Israeli Prime Minister Benjamin edoyoko.comanyahu said on Tuesday that Israel achieved its Iran war goals, adding that the country would respond strongly to violations of the armistice agreement. In response, crude oil prices fell sharply. West Texas Intermediate continued to fall after a 9% decline at the end of Monday, with the last trading price of about $65.50, down more than 2% on the day.
As the improvement of market sentiment, the US dollar (USD) also maintains selling pressure. The dollar index fluctuated around 98.00 for the last time, down about 0.3%. Meanwhile, major Wall Street indexes closed up after U.S. stock index futures rebounded late Monday, after nearly 1% the day before. During the U.S. trading hours, several Fed policymakers plan to speak.
The USD/Canada dollar fell slightly to around 1.3700 on Monday after hitting a weekly high around 1.3800. Market participants will closely monitor Canada's May Consumer Price Index (CPI) data later in the session.
The GBP/USD rose more than 0.5% on Monday and continued its rebound in early Tuesday. Up to postAt the time of draft, the pair rose nearly 0.5%, trading at a price of just below 1.3600. Andrew Bailey, President of the Bank of England (BoE), will testify before the House of Lords Economic Affairs edoyoko.committee at 14:00 GMT.
Euro/USD maintained bullish momentum after a strong gain on Monday, trading around 1.1600 in early trading on Tuesday.
Gold prices fell to a two-week low, and under the impulse of risk appetite, the price of gold seems to easily decline further.
Euro: Despite today's rebound, the euro/dollar is still limited to below 1.1630. Intraday deviations remain neutral first. Further rise is expected when the 1.1452 support is intact. Breakthrough of the 1.1630 resistance level will continue to rise from 1.0176. The next target is a 61.8% forecast from 1.1064 to 1.1927 to 1.0176 to 1.1572. However, a breakout of 1.1452 support will indicate a short-term peak and turn down to get a deeper pullback.
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