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Commodities suffer losses as dollar adds to gains

News Date: 29/8/2016 04:48:02
Dollar added to its massive gains on Friday after Fed Chair Janet Yellen left the door open for another interest rate hike this year as the economy improves markedly, pushing commodities and world shares down in the process.

The dollar index rose another 0.13% against a basket of six major currencies to trade at 95.59, a fresh two-week high, while advancing 0.41% versus the flailing yen to hover around 102.22.

Commodities on the other hand suffered losses, with Brent crude futures down 70 cents, or 1.43% to trade at $49.44 a barrel, while U.S. crude futures lost 66 cents, or 1.40% to $46.89 a barrel.

Even safe havens weren't spared, with gold futures sliding nearly three dollars, or 0.21% to move around $1,323 an ounce, while silver futures shed ten cents, or 0.54% to $18.55 an ounce.

Investors await some U.S. data later today, with personal spending expected to have risen 0.3% m/m in July, slowing down slightly from June's 0.4% rise.

Personal income on the other hand is expected to have accelerated in July by 0.4% m/m, from June's 0.2% growth, which would be mixed news for the greenback.

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