Gold Futures Market News and Commentary
The dollar index (DXY00) on Thursday rose by +0.19%. The dollar index Thursday rallied to a 1-month high. Hawkish Fed comments Thursday signal the Fed will continue to be aggressive in tightening monetary policy to combat inflation, which is bullish for the dollar. San Francisco Fed President Daly said the FOMC "might need to go above" a neutral rate of +3% to cool inflation that is too high, and St. Louis Fed President Bullard said he backed another 75 bp rate hike at the September FOMC meeting.
Thursday’s U.S economic data was mixed for the dollar. On the bullish side, weekly initial unemployment claims unexpectedly fell -2,000 to 250,000, showing a stronger labor market than expectations of an increase to 264,000. Also, the Aug Philadelphia Fed business outlook survey rose +18.5 to a 4-month high of 6.2, stronger than expectations of -5.0. On the negative side, July existing home sales fell -5.9% m/m to a 2-year low of 4.81 million, weaker than expectations of 4.86 m... Read more