Dollar buying gathers momentum, puts pressure on metals

2020-09-25 19:34:04 GMT (Economies.com)
Dollar buying gathers momentum, puts pressure on metals

The US dollar continued to rally against most major currencies on Friday, which put weighed down on precious metals and attracted safe-haven demand.

 

Data showed that the US durable goods orders index rose 0.4% in August, beating analysts' forecasts of 1.1%.

 

The core reading of the durable goods orders index (excluding energy and food prices) rose 0.4% in August, also lower than forecasts of 1%.

 

Several FOMC members issued conflicting statements, as some stated that the US economic crisis is worse than it appears, and others expressed that the economy would recover from the pandemic soon.

 

Bearing in mind that Fed Chairman Jerome Powell stressed in his testimony before the US Congress that the ball is now in Congress' court to support US companies most hit by the coronavirus.

 

The dollar index rose against a basket of currencies by 0.3% to 94.6 points as of 19:42 GMT, after it hit a high of 94.6 and a low of 94.1.

 
 
 
  Symbol Last Change Chg.%
1.1860
0.0081
0.6868%
1.3045
0.0058
0.4481%
Tadawul
8505.18
18.45
0.22%
24.606
-0.168
0.676%
39.735
-1.208
2.949%
41.65
-0.81
1.91%
1902.820
-9.195
0.481%
 
 
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