The greenback is on the move

Daily Analysis - 06/11/2019

Dollar prevailed over its rivals on Wednesday

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Optimism that the US government may take back some of the taxes that were forced on goods from China supported the risk sentiment and helped investors develop a more positive view towards the greenback. The dollar secured its strong position versus its competitors on Wednesday, especially versus conventional safe-haven currencies, on growing expectations for a US-China trade agreement and a series of consecutive US economic numbers. The dollar index versus important currencies was lightly changed at 97.935 in early Asian trade following a growth of 0.37% in the previous session. Facing the yen, the greenback exchanged at 109.07 yen, down lightly on the day although yet not far from its October top of 109.284.

Dow heading towards another record


On Tuesday, the Dow Jones Industrial Average increased slightly to a new record boosted by fresh improvements between the US and China on trade, and robust economic numbers. The 30-stock standard earned around more than 30 points, reaching a fresh record closing top of 27,492.62. The Nasdaq Composite was lightly traded at 8,434.67, pulled downward by a 1.6% loss in Netflix stock while the S&P 500 dropped 0.1%.

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Gold moves higher


On Wednesday Gold became more expensive, following a fall of over 1% in the previous day. Traders returned from riskier assets for a lack of solid improvements towards the US-China trade dispute. US gold futures advanced 0.2% to $1,487.39. Spot gold grew 0.1% to $1,485.72 per ounce. Yesterday, Gold recorded its largest single-day rate reduction in the last 60 days at 1.7% due to a stronger greenback.

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Oil falls amid trade war fears


On Wednesday Oil dropped, dragged down by a more powerful than normal build in US crude stocks, following a gain from three uninterrupted sessions. That came due to expectations that there is going to be a significant development in US-China trade tensions. US West Texas Intermediate (WTI) crude futures dropped 29 cents, to $56.93 per barrel, having ended 1.2% in the previous trading day. Brent crude futures fell 36 cents to $62.60 a barrel. Brent ended 1.3% yesterday.

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