Breaking News

Dollar tumbles after downbeat U.S. data

News Date: 10/8/2016 05:59:52
Dollar tumbled on Wednesday after U.S. data yesterday showed a surprise drip in productivity by 0.5% in June, missing expectations of a 0.5% rise, and raising concerns about the third quartet growth, in turn pressuring the greenback's downward.

The dollar index, measuring the U.S. currency against a bunch of major currencies, tumbled 0.54% to trade at 95.53, while the dollar fell 0.57% against the euro to hover around 1.1176.

Safe havens surged in the markets, with the yen up 0.55% versus the dollar to 101.31, while silver futures spiked 2.41% to trade at $20.33 an ounce. Gold futures advanced nearly one percent to hover around $1,358 an ounce.

Oil prices gave up ground after a private report on inventories showed a surprise buildup, with Brent crude futures down 0.93% to $44.56 a barrel, while U.S. crude futures lost 1.20% to trade at $42.26 a barrel.

Investors await a bunch of U.S. data later today, with the official report on crude inventories expected to show a fall of 1.3 million barrels, last week, compared to the previous reading's 1.4M addition, which would buoy prices.

The JOLTS Job Openings survey is forecast to come at 5.52 million jobs in June, up from May's 5.50M, which would be positive labor news for the economy and the dollar.

Latest news

Curse continues... Inflation is following us to 2023 Inflation led most of the banks in the world to raise interest rates, in an attempt to reduce it . The International Monetary Fund expects that t
12-2022 30 06:28:23

Gold prices fluctuate with the reduction of dollar's losses Gold's prices varied after its positive start at the expense of the dollar’s decline, which tended to reduce its losses, while oil c
12-2022 29 03:29:32

Vladimir Putin takes revenge by Russian oil embargo President Vladimir Putin has banned Russian oil in response to the price cap. He has signed a decree retaliating against the West's imposition of
12-2022 28 03:04:38

Gold prices rose today, Tuesday, affected by the decline of the dollar, which declined by 0.3%, and gold rose by 0.4% to reach $1804.99 an ounce, and gold futures rose by 0.4% to reach $1811.90. The
12-2022 27 04:19:22

The first Saudi-Japanese ministerial dialogue meeting for energy The Saudi Prince of Energy and the Japanese Minister of Economy and Industry held a meeting in Riyadh - Saudi Arabia, in which they
12-2022 26 02:50:27

More News