The US dollar surged to a June high on the dollar index following US air strikes on Iran’s nuclear enrichment sites over the weekend, with President Trump claiming monumental damage to underground facilities. While Trump hinted at potential regime change, senior officials like the Defense Secretary and Vice President emphasized the strikes targeted Iran’s nuclear program, not a broader war. The UN’s nuclear watchdog had yet to confirm the extent of the damage.
Israel also launched strikes on military targets in Tehran.
In macro developments, flash PMI showed mixed results, with improvements in Australia, Japan, and the UK, but flat Eurozone readings and a lower German 2025 growth forecast due to US tariff concerns.
Federal Reserve officials signalled balanced policy, with Governor Waller suggesting possible rate cuts next month. Upcoming US flash PMIs, existing home sales, and Fed speeches—along with ECB remarks—are expected to influence markets ahead of Fed Chair Powell’s testimony tomorrow.
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