Dollar firms ahead of key US data
The Dollar is up around 0.3% against both the Euro and Yen this morning, while it has gained 0.15% against the Pound as traders trim short Dollar positions ahead of today’s US Q2 GDP and weekly jobless claims numbers. Traders are also awaiting Friday’s PCE inflation data for further clues to the Fed’s moves with a 25bps rate cut currently priced in. The Euro is currently quoted at 1.1149, the Pound at 1.3232, and the Yen at 144.53. Wall Street closed marginally in the green last night ahead of today’s Nvidia results, while Asian equity markets are in the red this morning. The Rand has opened a touch weaker this morning on the back of the firmer Dollar and currently sits at R17.77. Trading is likely to remain within the recent R17.65/R17.85 trading range, with the currency tracking international moves.
The firmer Dollar pushes Gold lower
Gold has slipped to $2,508 this morning on the back of the stronger Dollar and some profit-taking ahead of the US GDP and jobless claims data. Platinum and Palladium are both down around 0.6% at $950 and $964, respectively. Brent crude fell by 2.2% yesterday, closing at $79.55 as the ongoing demand concerns and firmer Dollar weigh on the price.
