Gold Futures Market News and Commentary
The dollar index (DXY00) on Tuesday fell by -0.05%. The dollar index Tuesday fell back from a 2-1/2 week high and posted modest losses. An early rally in the S&P 500 Tuesday to a 3-3/4 month high curbed liquidity demand for the dollar. However, the dollar recovered nearly all of its losses after stocks gave up their gains and traded mixed. Higher T-note yields Tuesday were also supportive of the dollar.
U.S. economic data Tuesday was mixed for the dollar. On the negative side, July housing starts fell -9.6% m/m to a 17-month low of 1.446 million, weaker than expectations of 1.527 million. Conversely, July building permits, a proxy for future construction, fell -1.3% m/m to 1.674 million, stronger than expectations of 1.640 million. Also, July manufacturing production rose +0.7% m/m, stronger than expectations of +0.3% m/m and the biggest increase in 4 months.
EUR/USD (^EURUSD) on Tuesday rose by +0.04%. The euro Tuesday rebounded from a 2-1/2 week low and posted m... Read more