Silver price (XAG/USD) trades almost 1% lower at around $58.60 during the European trading session on Monday. The white metal is under pressure as trade of attacks between the United States (US) and Iran has renewed fears of energy flow disruption, a scenario that could boost oil prices.
Commerzbank’s Michael Pfister argues that recent EUR/USD weakness reflects Dollar strength rather than Euro fragility, with Fed expectations driving the move.
United Overseas Bank’s (UOB) Quek Ser Leang highlights that GBP/USD continues to lack clear momentum, with intraday action expected between 1.3175 and 1.3225. The bank maintains a negative 1–3 week view, seeing scope for a drop toward 1.3110 while strong resistance at 1.3245 caps upside.
The British Pound (GBP) is practically flat against the US Dollar (USD) on Monday, with Pound bulls subdued amid rising geopolitical tensions and the UK’s political impasse, while the safe-haven USD treads water, awaiting an array of US employment indicators.
MUFG’s Lloyd Chan highlights that US Treasury yields have eased only slightly, leaving the broader rates backdrop supportive for the Dollar. Elevated real yields and a “high-for-longer” US rate narrative keep USD demand firm and Asia FX under pressure.
Here is what you need to know on Monday, June 29:
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.80 during the early European trading hours on Monday. The WTI price declines amid uncertainty surrounding US-Iran talks.
Spain Harmonized Index of Consumer Prices (YoY) remains at 3.6% in June
Turkey Economic Confidence Index climbed from previous 97.2 to 98.9 in May
Spain Consumer Price Index (YoY) meets forecasts (3.2%) in June
Spain Consumer Price Index (MoM) rose from previous 0.1% to 0.6% in June
Spain Retail Sales (YoY) rose from previous 0.8% to 1.3% in May
