Dollar rebounds slightly as precious metals are in a hot zone

23 September, 2016

Dollar rebounds slightly as precious metals are in a hot zone

The US Dollar rebounds after a substantial selloff led by the FOMC decision to leave the interest rate unchanged. The Dollar index, which tracks the US currency against major peers, recoiled with support at a 95.00 level on Thursday, adding 0.05% to the 95.36 price in the early Friday session. The S&P500 traded nearly flat, while the industrial index Dow 30 rallied with 0.54%.

Yellen argued against the earlier rate hike pointing out that US economy has a lot more room to grow. Particularly in the labour market, as the workers are returning to work because low unemployment rates make it easier to find a job. The head of FED also noted that the US growth remains manageable with low-interest rates. At the same time, achieving 2% inflation target is harder, if rates are increased too early because the monetary policy would become less accommodative.

Europe retreats on profit taking, both FTSE and DAX open with a red gap. Emerging markets also fell, the Russian RTS opened by 0.55% lower than the Thursdays close.

The Commodities and precious metals also trade in a red territory. Gold traded 0.44% lower than the previous day, as Silver and Palladium fell by 0.90% after yesterday’s rally. The Oil prices saw 1% retracement after the EIA fueled rally came to, which was supported by the FED decision.

On currency market GBP/USD fell by 0.34%, USD/JPY gained 0.12%, EUR/USD trades without major changes, +0.05% at 1.1216.

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