Gold Prices Remain Supported As Dollar Eases
Gold prices stabilised on Monday as the dollar eased to its lowest in nearly two weeks after U.S. President Donald Trump criticized the Federal Reserve’s interest rate tightening policy and claimed that a strong US dollar can be harmful to the U.S. economy. Specifically, spot gold remained supported at $1,229.00 an ounce at 7:00 GMT, after rising 0.7 percent in the previous session. The dollar tumbled after Trump dug in on his criticism of the Federal Reserve’s policy on raising interest rates, saying it takes away from the United States’ “big competitive edge”.*
Oil Prices Drop On Concerns Over Fuel Demand
Oil prices dipped on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions. Specifically, crude WTI (USOIL) was last seen trading 0.1 percent lower at $68.17 while brent crude was last seen trading flat at $72.97 as of 7:00 AM GMT. **
Dollar Slumps On Trump Comments
The dollar slumped against major peers on Monday after U.S. President Donald Trump commented on the greenback’s strength and how it could hurt the U.S. economy. Meanwhile, the yen spiked on reports that Japan’s central bank is debating moves to reduce its massive monetary stimulus. Against the yen, the dollar fell to two-week lows of 111.00 yen as of 7:00 GMT, down more than 0.45 percent for the day and having lost more than two percent from its six-month peak of 113.18 hit less than a week ago. ***
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*Source: Investing Jul 23, 2018 4:53 ET
**Source: FXStreet Jul 23, 2018 04:39 GMT
***Source: Seeking Alpha Jul 23, 2018 2:48 ET
Upcoming Earnings Reports This Week:
23/7/2018 – Michelin Cie Des EstbB (#MGDDF) to report pre-market
23/7/2018 – Koninklijke Philips NV (#PHG) to report pre-market
24/7/2018 – Harley-Davidson, Inc. (#HOG) to report pre-market
24/7/2018 – 3M Company (#MMM) to report pre-market
24/7/2018 – Peugeot S.A. (#PEUGF) to report pre-market
24/7/2018 – UBS Group AG (#UBS) to report pre-market
24/7/2018 – United Technologies Corporation (#UTX) to report pre-market
24/7/2018 – Verizon Communications (#VZ) to report pre-market
25/7/2018 – The Boeing Company (#BA) to report pre-market
25/7/2018 – Deutsche Bank AG (#DB) to report pre-market
25/7/2018 – General Motors Company (#GM) to report pre-market
25/7/2018 – GlaxoSmithKline (#GSK) to report pre-market
25/7/2018 – Linde AG (#LNAGF) to report pre-market
25/7/2018 – Vodafone Group Plc (#VOD) to report pre-market
25/7/2018 – Facebook (#FB) to report post-market
25/7/2018 – PayPal Holdings, Inc.(#PYPL) to report post-market
25/7/2018 – Visa Inc.(#V) to report post-market
26/7/2018 – Anglo American plc.(#AAUKF) to report pre-market
26/7/2018 – CME Group Inc.(#CMEF) to report pre-market
26/7/2018 – Daimler AG (#DDAIF) to report pre-market
26/7/2018 – McDonald’s Corporation (#MCD) to report pre-market
