Gold Futures Market News and Commentary
The dollar index (DXY00) on Wednesday rose by +0.92%. Higher T-note yields Wednesday supported moderate gains in the dollar. Also, better-than-expected U.S. economic data Wednesday on Sep ADP employment change and Sep ISM services were hawkish for Fed policy and bullish for the dollar. Finally, hawkish comments from San Francisco Fed President Daly were bullish for the dollar when she said market anticipation of interest rate cuts next year is "misplaced."
The U.S. Sep ADP employment change rose +208,000, stronger than expectations of +200,000. Also, the Aug ADP employment change was revised higher to +185,000 from the previous reported +132,000.
The U.S. Aug trade deficit shrank to -$67.4 billion from a revised -$70.5 billion in July, narrower than expectations of -$67.7 billion and the smallest deficit in 15 months.
The U.S. Sep ISM services index fell -0.2 to 56.7, stronger than expectations of 56.0.
San Francisco Fed President Daly said the Fed is "re... Read more