ING’s Chris Turner notes that deteriorating Gulf headlines and higher energy prices are keeping the Dollar supported, even if US Dollar Index (DXY) remains about 1% below its June peak.
Dow Jones futures fall by 0.65% to trade around 52,440 during European trading hours on Friday. Meanwhile, S&P 500 futures and Nasdaq 100 futures decline 0.88% and 1.69%, trading near 7,510 and 28,730, respectively. Traders await the preliminary Michigan Consumer Sentiment Index for July.
The US Dollar Index (DXY) trades within a volatile range on Friday as a sparse US economic calendar leaves traders watching developments in the Middle East after renewed hostilities between the United States (US) and Iran this week.