Gold Micro Futures Market News and Commentary
The dollar index (DXY00) on Thursday rose by +0.19%. The dollar Thursday recovered from a 7-3/4 month low and posted moderate gains. Better-than-expected U.S. economic news Thursday showed economic strength that is hawkish for Fed policy, which pushed bond yields and the dollar higher. However, strength in stocks Thursday has curbed liquidity demand for the dollar and limited the dollar’s upside.
Stronger-than-expected U.S. economic data Thursday was bullish for the dollar. Weekly initial unemployment claims unexpectedly fell -6,000 to a 9-month low of 186,000, showing a stronger labor market than expectations of an increase to 205,000. Also, Q4 GDP rose +2.9% (q/q annualized), stronger than expectations of +2.6%. In addition, Dec new home sales unexpectedly rose +2.3% m/m to 616,000, stronger than expectations of a decline to 612,000. Finally, Dec durable goods orders rose +5.6% m/m, stronger than expectations of +2.5% m/m and the biggest increase in nearly 2-1/2 yea... Read more