Gold Futures Market News and Commentary
The dollar index (DXY00) on Friday rose +0.087 (+0.09%). EUR/USD (^EURUSD) rose +0.0004 (+0.03%). USD/JPY (^USDJPY) rose +0.39 (+0.35%).
The dollar index (DXY00) on Friday moved slightly higher. Strength in T-note yields on Friday was supportive for the dollar, along with signs of expanding U.S. manufacturing activity. Gains in the dollar were limited after a rally in the S&P 500 to a new record high on Friday curbed the liquidity demand for the dollar.
EUR/USD (^EURUSD) on Friday posted modest gains on signs of economic strength in the Eurozone. The Eurozone Jul Markit composite PMI rose +1.1 to 60.6, stronger than expectations of +0.5 to 60.0 and the strongest pace of expansion in 21 years. Also, the ECB's Survey of Professional Forecasters raised their Eurozone 2021 GDP forecast to 4.7% from a prior view of 4.2%. USD/JPY (^USDJPY) rallied to a 1-week high as the yen weakened after a rally in stocks reduced the safe-haven demand for the yen. Trading activity in... Read more