The dollar closed lower today, despite the fact that there will be no relevant data. Investors are awaiting important economic data to be released throughout the week, like Personal Consumption Expenses on Friday, plus several speeches from the Federal Reserve about possible rate cuts during the week.
The currency closed on Monday at an average of $4,104.59, placing it $39.13 below that of the Representative Market Rate, which for today was at $4,143.72. The currency hit a high of $4,135 and lows of $4,083.27. 1,428 movements were carried out for an amount of US$893.6 million.
Data on Personal Consumption Expenses, PCE, which is the inflation measure most followed by the Federal Reserve, will be released on Friday. Reuters He assured that this week at least five central bank officials will have public interventions, including Mary Daly, president of the San Francisco Fed, and governors Lisa Cook and Michelle Bowman.
“Last week there was strong buying interest that could persist this week and we will be monitoring the volumes traded these days. DXY index falling with some force (-0.23%) indicating that the dollar is losing strength against the main currencies” stated Juan Pablo Vieira, CEO JP Tactical Trading.
How are oil prices doing?
According to Reuters, Crude oil prices rose slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar.
The Brent reference barrel gained 0.3% and stood at US$85.46, while the WTI reference gained 0.2% and reached US$80.92.
The countries of the European Union agreed on Monday on a new package of sanctions against Russia for its war in Ukraine, which includes a ban on reloading Russian liquefied natural gas in the bloc for subsequent shipment to third countries.
Geopolitical risks in the Middle East and the resurgence of Ukrainian drone attacks against Russian refineries are also propping up oil prices.
