The dollar rally risk-off mood extended on June 24 as traders kept buying the U.S. currency across the FX market. Traders favored the greenback as risk appetite stayed weak. Meanwhile, the Australian, New Zealand, and Canadian dollars led the losses.
The report said traders also weighed expectations for a Fed that may hike in 2026. As a result, the broad dollar buying theme stayed in place. The Dollar Index held near multi-year highs.
Dollar Rally Risk-Off Mood Hits Risk Currencies
The source said traditional safe havens held up better than commodity and risk-linked currencies. In particular, the Japanese yen stayed relatively firm. However, USD/JPY remained above its rising 100-hour moving average at 161.515.
The pair also stayed below the 2024 high at 161.95. If it moves above that mark, the source said it would reach its highest level since early 1987. Therefore, traders kept that level in focus during the session.
Stocks Close Mixed as Dollar Buying Holds
U.S. stocks ended mixed, according to the report. The Dow industrial average rose, while the S&P and Nasdaq kept a weaker tone. Yesterday, both broader indexes moved below their 100 and 200-hour moving averages and stayed away from them.
For the S&P, the 100-hour moving average stood at 7444.93. The index traded about 80 points below that level, which the report said showed sellers gaining control. Meanwhile, the Nasdaq 100-hour moving average stood at 26053, with the current price at 25476. That left a gap of 580 points.
The Russell 2000 posted a small gain. It rose 11.14 points, or 0.37%, to close at 2986.63.
After the close, Micron reported results above expectations on both earnings and revenue. EPS came in at $25.11 versus $20.78 expected. Revenue was $41.46 billion versus a 35.85 million estimate. Shares were up 7.3% at $1124.50, although that remained below Monday’s record high of $1213.56.
Gold, silver, crude oil, and Bitcoin also came under heavy pressure as investors unwound geopolitical and inflation hedges.
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