Gold Price decreased significantly to $1,229.80 (-10.00) per ounce today, Silver Price $17.96 (-0.16), Dow Jones index 20,682.26 (0.28% raise).   

U.S. Dollar vs Precious metals

The US Dollar outperformed in overnight trade as markets looked at weekly statistical releases scheduled of Fed commentary that may boost near-term rate hike speculation. The US dollar has not been able to drive the likes of EUR/USD and GBP/USD lower while at the same time maintaining just enough strength to ensure upside is limited. So, the majority of traders suggest that USD may have 6% upside against major currencies for the coming 1-2 month. As with a rising political risk in Europe, USD likely to strengthen in the medium and long term perspective. EUR may drop to 0.98 for the coming 6-12 months.

Gold Price

Precious metals did not do much moving on Monday. And, this is mostly due to the fact that US markets were closed. However, the gold price drops today but investors continue taking the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe.

Stock Market Today

For this week the most exceptional market update will likely be economic data release and investors are still a few weeks away from the FOMC meeting. Investors will be looking for any further clues as to the timing of additional rate hikes by the central bank as well as the Fed’s assessment of economic activity.

The eleventh-hour agreement to grant continued Greek access to bailout funding initially boosted the EUR-USD exchange rate on Monday. Today profit-taking results on the open market brought investors skepticism back and largely eroded these gains.

Today the US Dollar has jumped by 0.5% against the Euro.

 

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