Platinum rebounds from three-month trough as dollar dips
2018-03-13 14:54:29 GMT (Economies.com)
Platinum rebounds from three-month trough as dollar dips

Platinum prices rose nearly one percent in American trade away from January 4 lows for the third session out of four, as the dollar index dipped for the third consecutive session away from early March highs, following earlier data from the US, the world's largest economy. 

 

As of 01:37 GMT, platinum prices rose 0.69% to $970.22 an ounce from the opening of $963.61, while the dollar index shed 0.09% to 89.82 from the opening of 89.89. 

 

Earlier US data showed consumer prices slowed down to 0.2% as expected from 0.5% in January, while core prices slowed down as well to 0.2% from 0.3% in January. 

 

On a yearly basis, consumer prices accelerated to 2.2% as expected from 2.1% in January, while core prices steadied at 1.8% in line with expectations. 

 

New Federal Reserve Chair Jerome Powell said in his Congress testimony that hiking interest rates four times this year would be considered a "gradual pace", bolstering expectations of a March rate hike. 

 

The economy created 313 thousand new jobs last month, while wages slowed down, confirming Powell's expectations that labor would strengthen further before improvements in wages. 

 

The Federal Open Market Committee will meet on March 20-21 under Powell for the first time, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates. 

 
 
 
  Symbol Last Change Chg.%
1.1657
0.0065
0.5633%
1.3263
-0.0001
0.0041%
16.445
-0.113
0.682%
69.320
4.947
7.686%
75.59
2.53
3.46%
1269.655
-10.115
0.790%
 
 
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