After Initial Reaction, Gold And Oil Have Given Back Earlier Gains, And The Greenback Extends The Pre-Weekend Gains

2025-06-23 07:38:00 ET

Overview

The US struck Iran amid subterfuge and misdirection and while damage was inflicted, it is not clear the extent to which is nuclear capability was destroyed. Now, the world waits for Tehran's retaliation. Still, gold is slightly softer and August WTI is slightly firmer. Having given up its earlier gains (to ~$78.40) it is near $74. The dollar's upside correction seen last week has extended today. The greenback is broadly higher against the G10 currencies today, led by the antipodean currencies and the yen, which are off more than 1%. The Swiss franc is faring the best (~-0.10), followed by the Canadian dollar (~-0.45%). The greenback is also firmer against nearly all the emerging market currencies. Six Fed officials speak today and another five tomorrow, including Chair Powell's semiannual testimony before Congress....

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