Agosto 15, 2020

Gold slips on firmer dollar before Jackson Hole meeting

25 Agosto 2017, 03:30 | Azura Castelo

Thomas Niedermueller Getty Images A Porsche production plant in Stuttgart Germany. The ZEW survey of German economic sentiment is due Tuesday

Thomas Niedermueller  Getty Images     
       A Porsche production plant in Stuttgart Germany. The ZEW survey of German economic sentiment is due Tuesday

On Tuesday, the dollar, which has been trending lower for weeks, recovered its poise. The gauge is down over 1 percent for the month. The pound also eased, falling 0.20% to trade at 1.2797. Crude oil prices were down again, as WTI crude traded around $48.25 per barrel this morning. However, the almond grower's shares are adding 0.5 percent.

Shares of Guess jumped 13.62 percent to $14.18 after the company reported better-than-expected quarterly profit and sales. "The surge in euro's price has been taking its toll on the domestic economy - as seen on other reports earlier this month - and with the European Central Bank still considering tapering this effect will only intensify making German exporting goods more expensive" commented ADS Securities Analyst, Konstantinos Anthis.

EUR/USD bounced hard on Monday, up just under 0.5% and indicating that the recent dip in the pair may soon be a distant memory as fresh buying is the order of the day.

London copper rose to a three-year high, zinc held close to its highest in a decade and nickel, which is used in stainless steel, reached a high for the year.

The dollar index against a basket of six major currencies was also up 0.1 percent at 93.382.DXY after nudging up 0.15 percent overnight on the back of a rise in U.S. Treasury yields. The dollar was up 0.1 percent on the day at 109.69 yenJPY=.

Among the other major gainers, Tokuyama gaining nearly 5 percent, FamilyMart UNY Holdings is rising more than 4 percent and Yamata Holdings is up 4 percent.

Dow member Nike (Sao Paolo: NIKE34.SA - news) fell 2.4 percent following a downgrade by Jefferies.

Prices of 22k gold in the UAE sits at Dh156, a slight increase from yesterday's Dh156.25.

The Bank of Japan said that producer prices were up 0.6 percent on year in July. The reading for June was revised down from 106.3.

The New Zealand dollar was at 91.20 Australian cents from 91.41 cents yesterday.

Economists and central bankers from around the world are gathering in Jackson Hole for the annual confab hosted by the Federal Reserve Bank of Kansas City.

European markets closed mostly lower on Wednesday despite strong Eurozone data and ECB President Draghi defending the QE. The U.S. currency gained around 0.2 percent in early deals in Europe, trading at $1.1792 per euro. Germany's DAX was 0.4 percent higher at 12,223.

Looking to commodities, oil prices ticked higher in morning trade as the USA petroleum sector got ready to deal with the wrath of Hurricane Harvey.

ENERGY: Benchmark U.S. crude was up 3 cents at $47.56 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, fell 2 cents in London to $51.64 a barrel.

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