Steel Price bounces off five-month low as recession fears battle softer USD By anilpanchal7 Metals RiskAppetite China Growth
. Also exerting downside pressure on the metal could be the softer iron ore and a metal basket.
The US Dollar Index extends the week-start losses to 104.30, down 0.20% intraday by the press time, which in turn allows the commodities and Antipodeans to cheer the risk-on mood. The greenback’s weakness could be linked to the recently downbeat US data and softer US inflation expectations, as per the 10-year breakeven inflation rate per the St. Louis Federal Reserve data. It’s worth noting that the US inflation expectations refreshed monthly low on Friday.
On the other hand, Peru and Australia also brace for higher production and weigh on the metal prices.National Activity Index and the US Existing Home Sales for May will entertain intraday traders but major attention will be on the full markets’ reaction to the latest shift in the risk appetite. Additionally, Fed Chair Jerome Powell’s Testimony on the bi-annual Monetary Policy Report will be important too.
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