U.S. Dollar vs Precious metals
US Dollar Index is trading higher, supported by the economic reports and a weaker Euro and Japanese Yen. The investor’s actions are slow this week ahead of Federal Reserve Chair Janet Yellen’s remarks before Congress on Wednesday and Thursday. Analytics and traders hope Yellen’s testimony gives the clues about the timing of the next Fed interest rate hike. The major predictions suggest next rate hike could be in December. Gold price started Tuesday lower on the stronger US Dollar. Bullion prices are also looking ahead to Yellen’s testimony. Precious metals are incredibly sensitive to rising rates because they push up bond yields, increasing the opportunity cost of holding non-interest-bearing gold. Among other precious metals: silver price slowly decreased today, platinum price lost about 1 percent, palladium price is slightly increased.
Stock Market Today
U.S. stocks on Tuesday opened higher S&P 500 2424.76 (-0.11%) and NASDAQ Index 6179.70 (+0.07%), Dow Jones Industrial Average 21409.50 (+0.98%).
Wall Street Indexes are trading mixed today with little changes less than 1 percent. The overall market trend is lower this week because investors keep their attention on upcoming economic data later this week. After the strong jobs report on Friday last week another release of U.S. Job openings will be released today at 10 a.m.
On the geopolitical field after G20 meeting aftermath last week market analysts and economists believe that the geopolitical risk will continue to weigh down global markets. Rising tensions between countries ever since President Trump came to power keep traders and investors on their next course of actions.
Economic data for today: Job openings, Wholesale inventories