The dollar is showing strength as the new week begins, maintaining its post-election momentum despite it being a partial market holiday in the US. The greenback is gaining ground against the yen, euro, pound, and franc.
USD/JPY saw an increase during Asian trading due to Japan headlines, with incumbent prime minister Ishiba winning his re-election bid. This caused the yen to weaken against the dollar, with the pair reaching 153.80 levels.
On the other hand, EUR/USD and GBP/USD both saw declines, with EUR/USD slipping from 1.0710 to 1.0655 and GBP/USD falling from 1.2915 to 1.2880. However, commodity currencies like the aussie and kiwi managed to hold their ground against the dollar, with USD/CAD only up 0.2% to 1.3935 despite lower oil prices.
European indices and US futures are on the rise, continuing the positive momentum from last week. The S&P 500 index is aiming to surpass the 6,000 mark in trading sessions to come.
In the commodities market, gold is experiencing a pullback, dropping nearly 1% to around $2,660. This dip in gold prices may present an opportunity for buyers looking to enter the market.
As we move forward into the week, US economic data will take center stage, with reports on CPI, PPI, and retail sales scheduled for release. The outcome of these data points could have a significant impact on market movements and the strength of the dollar.
