The US Dollar (USD) has strengthened rapidly following the preliminary global PMI report from S&P for June, which showed continued expansion in overall economic activity. The business activity in the US service sector expanded to its highest level in 26 months at 55.1, and the manufacturing PMI increased to a three-month high of 51.7.

The yield on the 10-year US Treasury bond remains steady at 4.25%. The US Dollar Index (DXY), which represents the value of the USD against six major currencies, has declined from its seven-week high of 105.90.

The Euro has recovered slightly despite the preliminary PMI report for June indicating an economic slowdown in the Eurozone. Both the manufacturing and services PMI were weaker than expected, leading to increased speculation that the European Central Bank (ECB) may cut interest rates in the next meeting.