INGOT Brokers Australia | Fundamental Report (2017-06-22)

Fundamental Report (2017-06-22)

Overview

The dollar retreated from its recent one month peak after as losses on Wall Street stocks spurred some traders to book profits on gains tied to expectations of possibly another U.S. interest rate increase later this year. The greenback index edged down 0.2 percent to trade at 97.541 after reaching a one month high of 97.871 on Tuesday’s trading session.

The recent losses in oil prices weighted on US indices pushing the Dow Johns and the S&P 500 down on today’s session, while the Nasdaq Composite finished higher.

Elsewhere, gold prices settled up on Wednesday after reaching its lowest point in five week in the previous session, the yellow metal inched up by 0.6 percent to trade at $1253 per ounce.

Furthermore, the British Pound took some breath after comments made by Bank of England’s chief economist, Andy Haldane about a possible rate hike this year. The sterling lost some ground in the previous session after BoE Governor Mark Carney said now was not the time to raise UK interest rates after three policymakers had voted in favor of a hike last week.

Moreover, the New Zealand dollar raised after Reserve Bank of New Zealand (RBNZ) kept its benchmark interest rate unchanged as widely expected and reiterated it would remain steady for a while yet.

However, the euro and the Japanese yen are still showing small movements in the absence of economic events. EUR/USD is trading at $1.1160 levels, while the USD/JPY is trading at 111 levels.  

Finally, the oil linked currencies such as the Canadian dollar and the Australian dollar edged lower driven by the recent losses in the oil industry.

© Copyright 2017

The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Gotinsiders.com current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.