Euro falls for first time in three sessions versus dollar
Euro fell below 1.16 versus dollar in American trade following earlier data and developments from the US and the euro zone.
As of 02:51 GMT, EUR/USD fell 0.27% to 1.1579, with an intraday high at 1.1610, and a low at 1.1576.
Italian Premier Giuseppe Conte has promised to work on containing the fallout on Italian companies from new US sanctions in Iran, while noting that his government is considering a more rigorous stance against Iran, but asserted the importance of coordination with European partners on that regard.
US Labor, Inflation Data
Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%.
Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy.
US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.
Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million.
The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.
Accumulated inventories indicate poor demand and are considered a negative sign for the economy.
EIA: US natural gas inventories mark another buildup
The Energy Information Administration released its report on US natural gas inventories, showing another buildup of 46 billion cubic feet in the week ending August 3, adding to the 35B increase in the previous week, while analysts expected a 49B addition.
Total stocks are now up to 2.354 trillion cubic feet from 2.308 trillion in the weekending July 27, which is below the total of the same period in 2017 at 3.025 trillion, while also below the five-year average at 2.926 trillion.
Wall Street opens mostly higher as tech widens lead
US stock indices opened the fourth session of the week mostly higher, with the tech sector, led by the trio Apple, Amazon, and Microsoft, buoying NASDAQ and S&P 500 to near record highs
US Labor, Inflation Data
Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%.
Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy.
US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.
Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million.
The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.
Accumulated inventories indicate poor demand and are considered a negative sign for the economy.
Stock Performance
As of 02:!6 GMT, Standard and Poor's 500 rose 0.08%, or 2.30 points to 2,860, while Dow Jones barely inched up 0.02%, or 5.94 points to 25,589.69.
Tech-heavy NASDAQ led the pack higher with a 0.30% profit, or 23.73 points to 7,912.06.
Gold inches up for third straight session after China inflation data
Gold futures tilted higher in American trade following forecast-beating Chinese inflation data, while the dollar index eked out gains after mixed US inflation, labor data.
As of 01:51 GMT, gold futures due in December barely rose 0.07% to $1,221.80 an ounce, while the dollar index climbed 0.14% to 95.23 against an array of major currencies.
Earlier data from China, the world's largest metals consumer, showed consumer prices rose 2.1% y/y in July, a four-month high, up from 1.9% in June, and beating estimates of 2.0%, while producer prices rose 4.6%, slowing down from 4.7% and beating estimates of 4.4%.
US Labor, Inflation Data
Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%.
Core prices rose 0.1%, slowing down from 0.3% in June, and also missing estimates of 0.2%.
US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.
Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million.
World Gold Council
The World Gold Council recently forecast an increase of demand on the yellow metal in the second half of 2018 as inflation rises and the global trade war takes firmer shape and hurts currencies.
Despite similar concerns in the first half of the year, gold prices were stymied by dollar's strength as the Federal Reserve tightens monetary policy on the back of strong US data.
Recently, the World Gold Council reported a 7% drop in global demand in the first quarter of 2018 to 973.5 tonnes, the lowest since the first quarter of 2008, as investments fell 27% on the precious metal to 287 tonnes from 383 tonnes in the first quarter of 2017.
Central banks' gold demand rose 42% to 116.5 tonnes, especially from Russia, while jewelry demand steadied at 487.7 tonnes, as mine supplies grew 1% y/y to 770 thousand tonnes.
Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, fell 1.45 tonnes on Wednesday, the fourth decline in a row, to a total of 786.08 tonnes, the lowest since February, 2016, after gold prices registered losses in July for the fourth month in a row.