|09-12-2014, 02:09 PM||#1|
Firmer dollar heavily weighs on commodities
Commodity prices declined for the third straight session, as the dollar rose against a six-currency basket to fresh highs after President Barack Obama pledged to destroy the Islamic State in Syria and Iraq (Isis).
The dollar-denominated commodities extended losses after the President laid out a four pronged strategy on Tuesday, including a request for money from congress to arm and train opposition forces in Syria, to authorize more airstrikes in Iraq and potentially in Syria, in a bid to continuing counterterrorism efforts as well as continuing to offer humanitarian assistance.
The U.S. Dollar Index held near the August 2013 highs pushing gold and oil prices to the downside during today`s session. The USDIX hit a session high of 84.33 before trading easing around 84.21 as of 15:25 GMT+3, compared with the day`s open at 84.23.
On the economic front, jobless claims remained at low levels, up 11 thousand in the September 6 week to 315 thousand, trailing analysts` average expectations for a small dip. The 4-week average was up also 750 to 30,400. Continuing claims, which lag by a week, did show slightly improvement, down by 9 thousand to 2.478 million.
The Federal Reserve is still focusing on the labor market and this is a key data. The number of Americans filing for unemployment benefits last week hit the highest in two months last week, which boost expectations gold prices will retest key resistance levels after hitting $1,250.00.
As of 08:24 am ET, Spot Gold fell 0.24% to $1,242.86 an ounce. Among other precious metals:
- Spot Silver fell 1.05% to $18.73 an ounce
- Spot Platinum fell 0.15% to $1,377.05 an ounce
- Spot Palladium fell 0.31% to $845.80 an ounce.
On the energy markets, oil futures fell to the lowest in two years after the Organization of Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand for this year and next, citing oversupply risks during the second quarter.
Top oil exporter Saudi Arabia told OPEC it reduced its oil production in August by 400 thousand barrels per day -- a cutback coinciding with a drop in oil prices towards the organization`s preferred level of $100 a barrel.
- West Texas Intermediate for October delivery fell 1.24% to $90.55 a barrel on the New York Mercantile Exchange
- Brent for October delivery fell 1.24% to $96.81 on the ICE Exchange in London
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