Market Review: Gold Price decreased to $1,293.80 (-0.20%) per ounce, Silver Price $16.93 (-0.76%), Platinum Price $931.70 (-0.26%), Palladium Price $923.25 (-0.52%), Dow Jones index 22,325.70 (0.11% increase).
The Fed finally added clarity about rate hike and a “new normalization” level on the previous week. So, the market is heading into the last week of September. This week will bring the main economic news from a data standpoint. Which is a primary interest of housing reports, home price on Tuesday and new home sales later this week. In addition to economic data, Tuesday will feature a speech from Fed Chair Janet Yellen. Which, is expected to include more details on new policy.
Investors’ current expectations are for the tax reform curtain to rise on Wednesday. There are also some geopolitical news. Germany’s election results and Brexit influence on European trades.
U.S. Dollar vs Precious metals: Market Review
US Dollar Index is trading higher following the results of Germany’s election, the weaker Euro as a result, and the aftermath of New York Federal Reserve President William Dudley speech. Gold price dropped on Monday weighed down by the stronger US Dollar and quiet news weekend on North Korea’s field. Among other precious metals: silver slipped on Monday, platinum and palladium prices are also lower.
Stock Market Today
U.S. stocks on Monday opened lower S&P 500 2499.49 (-0.10%) and NASDAQ Index 6393.77 (-0.52%), Dow Jones Industrial Average 22325.70 (-0.11%).
Wall Street Indexes are trading lower today. This is as investors are focused on looking for more monetary policy clues from Fed later this week. The last week of September will have a busy arrangement of speakers this week. Which includes the central bank’s chairwoman Janet Yellen on Tuesday and Fed Vice Chair Stanley Fischer on Thursday.
At the same time, there are plenty of data releases this week, including durable goods and consumer spending.
Geopolitical news: Britain and the EU are taking another step at Brexit negotiations after Prime Minister Theresa May gave a speech Friday. Angela Merkel started her fourth term as a German chancellor on Sunday.
Economic data for this week: Chicago Fed National activity (Monday), Consumer Confidence Index, New Home Sales (Tuesday), Durable Goods Orders, Pending Home Sales (Wednesday), Weekly jobless claims, Advance trade in goods (Thursday), Personal Income, Consumer Spending, Core Inflation, Consumer Sentiment (Friday).