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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.

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