U.S. Dollar vs Precious metals
US Dollar Index seems to be ready to rebound on Wednesday after the regular session opening. The market is reversing earlier weakness ahead of the first day of Fed Chair Janet Yellen’s first day of testimony before the Congress. Based on the current price and the earlier price actions the direction of the index is likely to turn from weaker position to the higher level in the short-term perspective. Gold price held steady on Wednesday as investors are awaiting testimony from US Federal Reserve Chair Janet Yellen and central bank officials expressed caution about further interests rate hikes. Any pause in US interest rate would be highly beneficial for gold price and help it to recover. Among other precious metals: silver rose about 0.75 %, platinum and palladium prices gained over 1% in an early trading session.
Stock Market Today
U.S. stocks on Wednesday opened higher S&P 500 2439.00 (+0.55%) and NASDAQ Index 6243.03 (+0.84%), Dow Jones Industrial Average 21500.97 (+0.43%).
Wall Street main indexes advanced on Wednesday, after the release of prepared congressional testimony by Federal Reserve Chairwoman Janet Yellen who said earlier that the interest rate increases will be gradual and would not need to rise much further.
The latest political news about the emails between Donald Trump Jr that were framed as part of the Russian government’s support for Donald Trump added some tension in stock markets, offering warnings that investors should be aware of all upcoming changes.
Economic data for today: Janet Yellen testimony, Beige Book.