Dollar Index Bounces-off a Three-Week Low, Jobs Report Eyed

USD

The dollar index which measures the greenback against a basket of major currencies rebounded from a three-week low of 95.16 to settle higher at 95.56. The greenback was under pressure lately on expectations that the Fed will not be able to further tighten its monetary policy in 2019. The FOMC meeting outcome on Wednesday showed that the Fed would be more patient before raising interest rates. However, investors' focus shifted towards the January jobs report that will be released later today.

Metals

Metals prices retreated from a multi-month high as the dollar gained back its strength. The gold ounce fell from a nine-month high of $1326 to trade at a low of $1316, and the silver ounce tumbled from a six-month high of $16.16 to a low of $15.89.

Oil

Oil prices drifted lower following weak Chinese data. Prices were earlier finding support from the hopes of the trade talks between China and the United States, and the US sanctions on PDVSA. However, the latest Chinese economic data raised concerns over a global economic slowdown. The West Texas Intermediate crude futures fell to a low of $53.54, and Brent futures dropped to a low of $60.70.

Major Economic Events

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