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Barchart
Rich Asplund

Gold and the Dollar Tumble on Tentative Israel-Iran Ceasefire

Israel Gold Iran Donald Trump US Federal Reserve Bostic Powell Villeroy de Galhau ECB Interest Rates

The dollar index (DXY00) today is down by -0.41% at a 1-week low.  The dollar retreated after President Trump announced a tentative ceasefire between Israel and Iran, which curbed safe-haven demand for the dollar.  Also, today's rally in stocks has reduced liquidity demand for the dollar.  The dollar weakened further today after an unexpected decline in the Conference Board US June consumer confidence index.

Losses in the dollar are contained due to hawkish commentary from Fed Chair Powell and Atlanta Fed President Bostic, who said they are in no hurry to cut interest rates.

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