Daily Analysis - 01/03/2019
On Friday the greenback climbed to a 10-week top versus the Japanese yen. The reason is the surge in Treasury yields following the U.S. gross domestic product data that exceeded expectations.
The dollar's improvement gathered energy after successfully breaking the important technical resistance near the 200-day SMA of 111.28. The popular currency increased by approximately 0.3% to 111.78 yen and that is the greatest level since last December.
Now the dollar index versus a box of 6 significant currencies stretched overnight and its profits increased by about 0.1% at 96.249.
On Friday Oil advanced while markets contracted due to production cuts by producer club OPEC. However, growing U.S. supply and global economic retardation limited crude from rising further. The International Brent crude futures went up to $66.57 per barrel and that is about 0.4% increase.
The U.S. West Texas Intermediate (WTI) crude oil futures were up 19 cents, at $57.40 per barrel from their last close.
Gold stroke a 14-day low on Friday while strong U.S. economic data supported the greenback as rising anxieties regarding retardation in global growth gave aid to the popular safe-haven gold. The US Dollar, which retraced from over a 21-days low, went closer to a 10-week top versus the Japanese yen and was stronger against the main currencies. Spot gold was 0.1% higher at $1,313.46 per ounce, after falling to its weakest level since last month at $1,311.60. U.S. gold futures fell 0.1% at $1,314.80 per ounce.
On Thursday US stocks fell while stronger-than-expected economic numbers were balanced due to weak discussions between North Korean leader Kim Jong Un and President Donald Trump. The S&P 500 fell almost 0.3% to close the session at 2,784.48.
The Dow Jones Industrial Average dropped 69.18 points and close at 25,914 while the Nasdaq Composite too dropped about 0.3% to close at 7,532.52. The popular Netflix, Facebook and Apple, and all dropped more than 0.5%.
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