U.S. Dollar vs Precious metals
US Dollar looks steady on early morning trading, following Federal Reserve Chair Janet Yellen’s speech. Janet Yellen started her two-day testimony to Congress yesterday with a more dovish take on a monetary policy that sent the greenback on the lower level. Yellen said on Wednesday that the U.S. economy was healthy enough for further rate hikes. Gold price slightly dropped on Thursday, while a weaker dollar could be supportive for gold over the short term, the continued strength in US equities remain a drag. Meanwhile, gold prices have seen only a mild recovery following Yellen’s testimony on Wednesday; there has not been any convincing reversal as such, only a slight pullback. Among other precious metals: silver price is lower, platinum and palladium prices lost over 1 percent.
Stock Market Today
U.S. stocks on Thursday opened higher S&P 500 2447.52 (+0.17%) and NASDAQ Index 6269.11 (+0.13%), Dow Jones Industrial Average 21563.06 (+0.14%).
Wall Street Indexes edged up higher in Thursday trading, Weekly jobless claims and the Producer Price Index for June will be released today. Federal Reserve Chair Janet Yellen is set to testify before the Senate Banking Committee in Washington at 9:30 a.m
Oil markets: Brent crude traded at around $47.64 a barrel on Thursday, down 0.21 percent.
Economic data for today: Weekly jobless claims, along with the June Federal budget.