Dollar rises as corporate earnings reports pour in
The US dollar rose against most of its counterparts on Friday, amid anticipation of US President Joe Biden’s new policies and focus on corporate earnings reports.
The coronavirus crisis continued to cast its shadow over global markets today, especially as the number of infections and deaths is still increasing.
US President Joe Biden said that things will get worse before they get better, after the Covid-19 death toll exceeded 400,000 victims, with more than 4,000 deaths in a single day.
The US manufacturing PMI rose to 59.1 points in December, beating forecasts of 56.6 points.
The US services PMI rose to 57.5 in December, also higher than forecasts of 53.3.
The dollar index rose against a basket of major currencies by 0.1% to 90.2 points as of 18:27 GMT, after hitting a high of 90.3 points and a low of 90.05 points.
Gold closes lower despite coronavirus concerns
Gold futures closed lower on Friday, as the US dollar edged up against most of its peers, despite some pressure on stock markets and concerns about the coronavirus crisis.
US President Joe Biden said that things will get worse before they get better, after the Covid-19 death toll exceeded 400,000 victims, with more than 4,000 deaths in a single day.
The US manufacturing PMI rose to 59.1 points in December, beating forecasts of 56.6 points.
The US services PMI rose to 57.5 in December, also higher than forecasts of 53.3.
The dollar index rose against a basket of major currencies by 0.1% to 90.2 points as of 20:37 GMT, after hitting a high of 90.3 points and a low of 90.05 points.
Gold February futures fell 0.5% or $9.7, and closed at $1,856.2 an ounce, with today’s high at $1,870.8, and the low at $1,836.6.
US crude inventories rise more than 4 million barrels
The US Energy Information Administration reported today that crude inventories rose 4.4 million barrels to 486.6 million during the past week, on par with forecasts.
Gasoline stocks rose 300K to 245.2 million barrels, and distillate stocks rose 0.5 million to 163.7 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 2.6 million barrels during the same period.
US oil rigs count rises this week - Baker Hughes
Baker Hughes for oil services announced that the US oil rigs count rose 2 rigs to 289 rigs this week.
While the natural gas rigs count rose by 3 to 88 rigs, while the total number of natural gas and oil rigs rising 5 rigs to 377.