Daily Market Review – July, 10

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Gold Price decreased to $1,210.40 (-0.68%) per ounce, Silver Price $15.34 (-2.25%), Platinum Price $899.75 (-0.76%), Palladium Price $838.45 (-0.86%), Dow Jones index 21,428.67 (0.09% increase)

 

Here is a new week ahead, which will bring a lot of economic data on inflation, sales and production, the aftermath of the G20 meeting and geopolitical developments, also Fed chair Yellen’s Humphrey Hawkins testimony. The important data release on the calendar this week could help clarify the near-term perspectives for the Fed and the markets.    

U.S. Dollar vs Precious metals

US Dollar Index is trading slightly higher on Monday, being supported by bigger than expected increase in U.S. jobs release. The report suggests the US economy is strong enough for the Fed to continue with its increasing rates plan. Even, the Fed has signaled last week willingness to raise interest rates even with the economy holding back. The  US Dollar was also supported by higher U.S. Treasury yields. Gold price was steady early Monday and then slightly decreased. Last week gold fell more than 2 percent and reached the lowest level since March.  Among other precious metals: Silver was trading lower on Monday, platinum and palladium prices also lost points.

Stock Market Today

U.S. stocks on Monday opened higher S&P 500 2428.81 (+0.15%) and NASDAQ Index 6167.38 (+0.23%), Dow Jones Industrial Average 21428.67 (0.09%).

Wall Street started a new week on a positive note with the higher indexes. The first aftermath after G20 meeting gave increasing hope about the strength of the world economy. By many means, the June jobs report was a pretty good one. The US economy added 220,000 new jobs. Both the employment rate and the labor force participation rate higher.

President Trump’s participation in G20 and visit to Poland haven’t caused any significant changes in the global market. The major issue on the summit was that the US left the climate change agreement and Trump’s meeting with Russian President-Vladimir Putin.

The economic data this week: Consumer credit (Monday), Job openings, Wholesale inventories (Tuesday), Janet Yellen testimony (Wednesday), Weekly jobless claims, along with the June Federal budget (Thursday), Consumer Price Index, Retail Sales, Industrial Production (Friday).

 

 

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