Forexlive Americas FX news wrap: European political turmoil on center stage

• June US UMich June prelim consumer sentiment 65.6 vs 72.0 expected
• Macron’s gamble is looking like a disaster as new poll released
• France’s Macron: Economic programs by two extremists blocks are not realistic
• Chicago Fed Pres. Goolsbee CPI data this week was very good
• Baker Hughes US oil rig count -4
• ECB’s Lagarde: Unless we have a major shock, target is inflation to hit 2% in H2 2025
• Fed’s Mester: We are starting to see inflation move down again after stalling
• US import prices -0.4% vs +0.1% expected
• Canada April wholesale sales +2.4% vs +2.8% expected

Markets:

• Gold up $30 to $2331
• WTI crude down 13-cents to $78.47
• US 10-year yields down 2.3 bps to 4.21%
• CHF leads, GBP lags
• S&P 500 flat

The US dollar continued its climb early in the North American session with the euro and pound under particular pressure but those moves later reversed to finish final hours of the week flat. The Australian and Canadian dollar followed a similar path, recovering a portion of the losses that peaked at 10 am ET.

Some of the dollar selling came after a softer UMich sentiment survey, highlighting the vulnerabilities in the US economy, especially with the Fed in no rush to cut.

Have a great weekend.

This article was written by Adam Button at www.forexlive.com.