Platinum hits four-month high as dollar slips

Economies.com
2018-11-06 14:51PM UTC

Platinum prices rose over one percent in American trade to June 25 highs as the dollar index fell off June 2017 highs, as markets anxiously await the results of US mid-term elections. 

 

As of 02:39 GMT, platinum futures due in December rose 1.27% to $875.67 an ounce, marking month highs, while the dollar index shed 0.07% to 96.21 off 16-month highs. 

 

US data released last week showed the unemployment rate steadied at 3.7% as expected, while average earnings rose 0.2% as expected, slowing down from 0.3% in September. 

 

The economy created 250 thousand new jobs last month, up from 118K in September and beating estimates of 194K, as the trade deficit widened to $54 billion from $53.3B in August. 

 

Now markets await US mid-term elections for all seats in the House of Representatives numbered at 435, and 34 seats in the Senate, with polls pointing to a probable Democratic win in the first chamber after two years of lacking any power in Washington. 

 

That would represent a strong hurdle against US President Donald Trump's pro-business agenda, which has buoyed Wall Street considerably in the last two years. 

 

The Federal Open Market Committee will also hold its policy meeting tomorrow, expected to keep overnight interest rates at below 2.25% after hiking them by 25 basis points at the last meeting. 

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