Greenback advances on Tuesday, pushing commodities lower

The USD was broadly higher during the London session on Tuesday, with the EURUSD pair dropping toward the 1.19 level again.

Cable was down to 1.3850, and the USDJPY pair was pushing toward 111 again. 

As the dollar gained, precious metals came under selling pressure – gold was down half a percent to 1,768 USD, and silver dropped below 26 USD again. Copper and oil were also trading weaker today. 

Investors will pay attention to the EU consumer confidence data, along with the economic sentiment indicator. Additionally, the EU CPI indices will be released, expected to show a small decline in inflation. 

Later in the day, the US Conference Board’s consumer confidence index for June will be released, seen rising to 119 after declining to 117.2 in May.

The SP500 and Nasdaq 100 indices pushed to record highs yesterday, while the Dow Jones underperformed and still needs like 1,000 USD to get to new highs. 

Source: https://www.axiory.com/market-news/greenback-advances-on-tuesday-pushing-commodities-lower