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Commodities rise as risk appetite rebounds and dollar drops

News Date: 18/8/2016 05:19:08
 
European stocks and commodities recorded respectable gains on Thursday after the release of the Federal Reserve's last meeting minutes yesterday, which showed how policymakers are divided regarding the issue of hiking rates this year.

The pan-European FTSEurofirst 300 index rose 0.57%, while Germany's DAX index gained 0.55%. Asian shares weren't that lucky, with Japan's Nikkei tumbling 1.55% after weak exports data.

As for commodities, copper futures surged 1.63% to $2.187 a pound, while U.S. crude futures added 20 cents, or 0.43% to $47 a barrel. Even safe havens climbed, with gold up 0.25% at $1,352.

Dollar on the other hand tumbled to fresh seven-week lows after Fed's minutes lengthened the odds of a hike this year, with the index down 0.25% against a basket of six major rivals, while sterling surged 0.88% against the greenback to 1.3155.

Investors await a basket of U.S. data later today, with unemployment claims for last week expected to have risen to 269 thousand from the previous reading's 266K, which would be moderately negative for the dollar.

The Philly Fed Manufacturing Index is forecast to have risen to plus 1.4 in August from July's minus 2.9%, which could help prop up the greenback.

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