Greenback Extends Gains on Stronger Data

USD

The dollar index which measures the greenback against a basket of major currencies rose to its highest level since September 3rd trading at a high of 99.31 ahead of the European trading session. The recently released economic data continued to signal that the US economy is outperforming its rivals. The final reading of the second-quarter GDP figures showed that the US economy grew at a pace of 2.0%, and the GDP price index rose to 2.6% from 0.6% compared to the first quarter of 2019. Market participants are looking forward to the economic data to be released later today from the United States among them the PCE index - the Fed's favorite inflation gauge, and durable goods orders. The USDJPY edged higher to 107.95, the GBPUSD dropped to a two-week low of $1.2277, and the EURUSD tumbled to $1.09047, the lowest since May 2017.

Metals

Gold prices fell sharply as the dollar extended gains on stronger US economic outlook. The price of a gold ounce traded at a one-week low of $1496.50, the price of a gold ounce dipped to a two-week low of $17.43, while palladium hovered above $1660.

Oil

Oil prices drifted lower as the concerns of Saudi oil production receded.  The kingdom of Saudi Arabia succeeded in returning its oil output to the almost pre-attack level, erasing investors' woes over one of the major supply disruptions. The West Texas Intermediate crude futures dropped to a low of $55.40, and Brent futures declined to $61.43.

Major Economic Events

Disclaimer 

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