market review 07 June 21

07 June 21

Dollar Edges Higher; Focus Turns to May CPI Release

The dollar traded marginally higher early in Europe Monday after the softer-than-expected payrolls release, with traders turning their attention towards this week’s inflation figures.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up less than 0.1% at 90.180, remaining in a narrow range it has kept for several weeks.
EUR/USD traded less than 0.1% lower at 1.2163, but still above the three-week low of 1.2104 it had struck on Friday, while USD/JPY edged higher to 109.50. GBP/USD fell 0.1% to 1.4140 and the risk-sensitive AUD/USD was marginally lower at 0.7734.
Friday’s U.S. nonfarm payrolls release showed an increase of 559,000 last month after a revised 278,000 gain in April, a touch below the 650,000 expected.

https://www.investing.com/news/forex-news/dollar-edges-higher-focus-turns-to-may-cpi-release-2524622

https://www.investing.com/currencies/eur-usd-chart




Oil retreats as investors await Iran nuclear talks this week

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week’s talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.
Brent crude futures for August fell 66 cents, or 0.9%, to $71.23 a barrel by 0645 GMT, after earlier hitting $72.27, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.10 a barrel, down 52 cents, or 0.8%.
Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore.
“The primary concern is about Iranian barrels coming back into the market but I don’t think there will be a deal before the Iranian presidential election,” he added.
Data showing a 14.6% year-on-year drop in China’s crude oil imports in May on Monday also weighed on prices.

https://www.investing.com/news/commodities-news/oil-hits-new-multiyear-highs-investors-eye-iran-nuclear-talks-this-week-2524571

https://www.investing.com/commodities/brent-oil-streaming-chart

Musk says Tesla cancels the longest-range Model S Plaid+

Production for Tesla (NASDAQ:TSLA) Inc’s longest-range Model S Plaid+ is canceled, CEO Elon Musk said in a tweet https://twitter.com/elonmusk/status/1401641625500229632?s=20 on Sunday.
“Plaid+ is canceled. No need, as Plaid is just so good.” Musk tweeted.
Model S Plaid+, which would have been Tesla’s highest-end model with a driving range of 520 miles, was unveiled at a battery event last year and Musk said it would adopt its next generation 4680 battery cells. But production was pushed back to 2022 from the end of 2021.
Musk on Sunday called the Model S Plaid the “quickest production car ever made of any kind.”
According to the company’s website the Model S Plaid can go from zero to 60 miles per hour in 1.99 seconds and has a top speed of 200 miles per hour and an estimated range of 390 miles.

https://www.investing.com/news/stock-market-news/musk-says-tesla-cancels-the-longestrange-model-s-plaid-2524526

https://www.investing.com/equities/tesla-motors-chart

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