Aussie climbs 1% as demand rises on commodity currencies
The Australian dollar rose against most major rivals as the risk appetite improved and demand on commodity currencies rallied.
On trading, the AUD/USD pair rose 1% as of 20:07 GMT to 0.6386.
Loonie
The Canadian dollar rose 0.6% against its US counterpart as of 20:07 GMT to 0.700.
US Dollar
The dollar index fell 0.3% as of 19:38 GMT to 103.4, with a session-low at 103.3.
Earlier US data showed retail sales rose 0.2% m/m in February to $722.7 billion.
Analysts now expect the Federal Reserve to hold interest rates unchanged at this week’s policy meeting.
However, the Fed will release its outlook and forecasts, important for gauging the likely impact of Trump’s policies.
Investors worldwide continue to be concerned about the impact of the global trade wars on businesses and profits.
Gold continues to shatter record highs above $3000
Gold prices rose on Monday as the dollar fell against most major rivals, with the precious metals hitting fresh record highs above $3000.
Earlier US data showed retail sales rose 0.2% m/m in February to $722.7 billion.
Analysts now expect the Federal Reserve to hold interest rates unchanged at this week’s policy meeting.
However, the Fed will release its outlook and forecasts, important for gauging the likely impact of Trump’s policies.
Investors worldwide continue to be concerned about the impact of the global trade wars on businesses and profits.
Otherwise, the dollar index fell 0.3% as of 19:38 GMT to 103.4, with a session-low at 103.3.
Gold spot prices rose 0.2% as of 19:39 GMT to $3006.8 an ounce.
Wall Street buoyed by positive data
US stock indices rose on Monday amid mounting concerns about global trade wars, but Wall Street was boosted by positive data.
Earlier US data showed retail sales rose 0.2% m/m in February to $722.7 billion.
There are still concerns about the ongoing trade war with corporations worldwide calculating the impact of tariffs on their businesses.
On trading, Dow Jones rose 0.2% as of 14:08 GMT, or 94 points to 41,582 points, while S&P 500 rose 0.3%, or 14 points to 5653 points, as NASDAQ added 0.1%, or 11 points to 177,65 points.
Brent rushes to two-week high after US strike against Houthis
International benchmark Brent rallied in European trade on Monday to two-week highs, expanding gains for the second session after the US launched air strikes on the Houthi group in Yemen.
Sources said the operation against Houthis could carry on for weeks, which could impact navigation through the Red Sea.
Prices
Brent rose 1.8% today to $71.76 a barrel, the highest since March 3, with a session-low at $70.51.
Brent rose 0.6% on Friday, the third profit in four days away from four-year lows at $68.37.
Global oil prices rose 0.25% last week, the first weekly profit in two months on short-covering.
US Air Strike
US President Donald Trump ordered air strikes against the Houthis on Saturday in response to the Iran-backed group’s attacks on ships in the Red Sea.
Chinese Data
Earlier Beijing data showed retail sales rose 4.0% in February, up from a 3.7% rise in January, and beating estimates of a 3.8% increase.
China’s industrial production rose 5.9% last month, beating estimates of a 5.3% rise.
Such data renewed hopes for an economic recovery in China, which would likely boost demand on fuel in the world’s largest oil consumer.