America’s Roundup: Dollar index rises on upbeat U.S. consumer price data ,Wall Street gains, Gold eases , Oil falls on demand concern despite U.S. inventory dip-January 14th,2021
Europe Roundup: Euro falls to three-week lows as U.S. yields climb, European shares retreat, Gold gains, Oil falls on renewed lockdowns, stronger dollar-January 11th,2021
Europe Roundup: Euro gains on Brexit and vaccine optimism, European shares rally, Gold gains,Oil prices touch multi-month highs as OPEC+ expected to cap output-January 4th,2021
Europe Roundup: Euro lifted by U.S. stimulus cheer, European shares gains, Gold gains 1%, Oil rises to touch $52 after Trump signs aid bill-December 28th,2020
America’s Roundup: Dollar hits near three-week peak, Wall St ends lower,Gold eases, Brent crude falls on renewed lockdowns –January 11tyh,2021
Europe Roundup: Euro falls after weak Eurozone inflation data, European stocks jumps,Gold firms, Oil hits highest since late Feb on Saudi cuts, U.S. stock draw-January 7th,2020
Gold off 3-week peak as greenback steadies amid caution over U.S. stimulus
Gold prices eased from a 3-week high hit earlier in the day as the dollar firmed, although hopes for a new U.S. coronavirus aid package limited the precious metal’s losses.
Spot gold declined 0.3 percent to $1,925.64 per ounce by 0734 GMT, having hit a high of $1933.29 earlier, its highest since September 21. U.S. gold futures rose 0.2 percent at $1,930.35.
The dollar index steadied near a 3-week low against its rival currencies after negotiation on the U.S. stimulus package ran into resistance and as the yuan dropped after China’s central bank took a measure seen as aimed at curbing its strength.
The Trump administration called on Congress to pass a stripped-down coronavirus relief bill using leftover funds from an expired small business loan programme. The $1.8 trillion economic stimulus proposal drew criticism from congressional Democrats and Republicans, diminishing hopes for a coronavirus relief deal before the Nov. 3 election. Although investors seem optimistic that spending will resume at some point.
U.S. House Speaker Nancy Pelosi, in a weekly letter to Democratic colleagues, stated that the Trump administration’s proposal lacked a strategic plan to crush the virus and gave President Donald Trump too much discretion to decide how funds were allocated.
With November 3 election only weeks away, investors speculate that Democrat Joe Biden is more likely to win the U.S. presidency and offer a larger economic package.
China returned from an eight-day Mid-Autumn festival with investors encouraged by a robust rebound in tourism and ebbing coronavirus cases. The People’s Bank of China said it will lower the reserve requirement ratio for financial institutions when conducting some foreign exchange forwards trading, removing a guard against depreciation.
The greenback against a basket of currencies traded flat at 93.08, having touched a low of 93.01 earlier, its lowest since September 21.
Trading is likely to remain subdued as U.S. markets are closed on account Columbus Day.