Breaking News

Commodities drop as dollar hits 4-1/2 month high

News Date: 20/7/2016 04:35:41
 
Commodities gave up ground on Wednesday as the dollar added to its gains versus a basket of major currencies, with safe havens like gold and silver hit particularly hard as investors head towards riskier and more rewarding assets following strong U.S. housing data.

Silver prices tumbled twenty cents, or one percent to trade at $19.80 an ounce, while gold prices retreated nearly six dollar,s or 0.45% to hover around $1,326 an ounce. Copper futures also suffered losses, sliding 0.75% to trade at $2.247 a pound.

The dollar on the other hand basked atop a 4-1/2 month high against a basket of major currencies, up 0.30% on the day at 97.34, following forecast-beating housing starts and building permits data, which restored investors' confidence in the world's largest economy.

Other main currencies resigned in front of the greenback's advance, with the euro down 0.27% at 1.0991, a fresh three-week low for the common currency, while sterling edged down 0.14% to 1.3094.

Investors await a bunch of later data today, with a survey tracking consumer confidence in the Eurozone expected to drop further to minus 8 from minus 7 in June, as Britain's impending exit still weighs on minds in the Eurozone.

From the U.S., crude oil inventories are expected to have fallen yet again last week by 1.3 million barrels, adding to the previous week's 2.5 million fall, which would underpin oil prices.

Latest news

Advertising sources reported that the number of confirmed cases of Covid virus 19 reached 12 million and 800 thousand cases, as the largest number of infections was recorded with a total of 839,850 c
07-2020 13 03:43:07

On Friday, oil prices continued to harvest more losses, retreating to the lowest levels, with the high rate of coronavirus infections in the United States of America, and due to fears of isolation an
07-2020 10 06:16:09

Oil prices fell today, Wednesday, after the increase in crude inventories, which increases the fears of supply. Therefore, it is expected that US crude production will decline by 600 thousand barrels
07-2020 08 08:20:53

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

More News

Logs

Advertisements