After an extended stretch of gains, the US dollar lost some ground in June as risk appetite flourished and dampened demand for the greenback. The euro climbed to a three-month high after the European Central Bank announced a bigger-than anticipated increase to its emergency bond buying program and as Germany ramped-up its fiscal support, while the Canadian dollar rose back to pre-lockdown levels alongside the sharp revival in crude prices.

Gold breached the $1800-mark for the first time since 2011 as the spike in coronavirus cases in some US states prompted a flight into the safe haven, while the massive wave of central bank stimulus also boosted the non-interest bearing metal. Copper advanced on some nascent signs of a recovery in Chinese demand, while the emergence of the pandemic across top mining regions in South America fuelled fears of a major disruption to supply. Finally, oil thrived as cash-strapped producers rapidly shuttered production and as the OPEC consortium agreed to ongoing production curbs, while some hopeful signs of a recovery in global demand helped to alleviate the massive glut in the oversupplied market.