Dollar extends gains overnight: – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the dollar’s gains extended this Monday, with commodity-related currencies suffering the most, as oil and gold turned sharply lower.

Key Quotes:

“Despite the US employment report released last Friday resulted far from encouraging, the uptick in wages seems to be enough to support the possibility of a US rate hike next June.

Additionally, FED’s Dudley offered a hawkish rhetoric late Friday, and said that two rate hikes this year was a “reasonable expectation,” while in a speech in London this Monday, FED’s Evans showed an upbeat outlook for the US economy, but he remarked that the current wait-and-see stance remains appropriate.”

“European data was generally positive, as Factory Orders in Germany grew much more than expected in March, up by 1.9% monthly basis, while business sentiment improved in the EU according to the Sentix index, also beating expectations by printing 6.2. In the US, however, the labor market conditions index registered a 0.9% for April, after a 2.1% fall the previous month, becoming the fourth successive decline and therefore arising concerns over the health of the US economy.”
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Source:: FX Street