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Friday, June 21, 2024

Dollar Strengthens, Stocks Rally for Fifth Consecutive Week

Market Data

The US dollar moved higher this week, while the Nasdaq and S&P 500 indices gained for the fifth consecutive week. The Nasdaq index rose by over 1% on Friday, while the Dow Industrial Average remained flat.

In the forex market, the Canadian dollar ended the day as the strongest major currency, despite lower-than-expected retail sales in March. The Swiss franc was the weakest. The US dollar was mostly lower, with modest gains against the Japanese yen and CHF.

The University of Michigan consumer sentiment survey showed an improvement in May, with the final reading at 69.1, higher than the estimated 67.5 and the preliminary reading of 67.4. Inflation expectations also eased, with the 1-year expectation at 3.3%, down from the preliminary 3.5%.

In other economic news, US durable goods orders for April came in at 0.7%, better than the expected -0.8%.

For the trading week, the US dollar was higher against most major currencies. The Australian dollar saw the biggest gain against the USD at 0.93%, while the New Zealand dollar remained unchanged.

AUDUSD 5-Minute Chart

US Treasury yields ended the day mixed, with the 2-year yield at 4.940% and the 10-year yield at 4.466%. For the week, yields were higher across the board, with the yield curve flattening.

In commodities, crude oil traded at $77.70, up 1.05% on Friday but down 2.22% for the week. Gold fell by 3.31% for the week.

Markets in the UK and US will be closed on Monday for holidays.

Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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