Dollar slips ahead of the US monthly jobs report.
The US dollar slipped against most of its rivals on Thursday, following upbeat economic data, and ahead of the US monthly jobs report.
Data showed today the US unemployment claims fell around 36,000 to 837,000 during the past week, while personal income index fell 2.7%, while the US manufacturing PMI fell to 54.6 points in September from the 21-month high of 56 points of August.
The market is anticipating the monthly jobs report tomorrow, amid expectations that the creation of 900,000 jobs in September vs. 1.371 million jobs in August, and for the unemployment rate to drop to 8.2% from 8.4%.
The dollar index fell against a basket of currencies by 0.1% to 93.7 points as of 20:00 GMT, after it hit a high of 93.9 and a low of 93.5.
US manufacturing PMI grows for fifth straight month
The Institute for Supply Management (ISM) showed today that the US manufacturing sector in continued to grow for the fifth straight month during September, albeit at a lower pace compared to August.
The US manufacturing PMI fell to 54.6 points in September from the 21-month high of 56 points of August.
US stocks start in October's first session
US stock indices opened higher on Thursday, driven by the tech sector and hopes for a new fiscal stimulus in the US to counter the coronavirus impact
Data showed today the US unemployment claims fell around 36,000 to 837,000 during the past week, while personal income index fell 2.7%.
The market is anticipating the monthly jobs report for more cues, amid expectations that the US jobs market will continue to recover from the coronavirus crisis.
The market was shocked after the first presidential debate between the Republican candidate Donald Trump and his Democratic rival Joe Biden and resulted in harsh criticism exchange between.
As for stocks, Dow Jones rose 0.5% or 134 points to 27,915 as of 15:34 GMT, Nasdaq rose 1% or 109 points to 11,279, and S&P 500 rose 0.5% or 18 points to 3,382.
Copper sheds over 3% despite drop in output from top producers
Copper prices fell on Thursday, despite the dollar’s drop against most currencies and a decline in copper output from major producers.
Copper production from the world’s top 10 producers fell 3.7% y/y, during the second quarter this year, according to a report by the British company GlobalData.
This came due to lockdown restrictions in Chile, Peru and Mexico, which encompass several of the world’s largest copper mines.
Consequently, the total global copper production lost 2.6 million tonnes from 2.7 million tonnes during the three months ending in June 30.
The dollar index fell against a basket of currencies by 0.1% to 93.8 points as of 15:00 GMT, after it hit a high of 93.9 and a low of 93.5.
Copper December futures fell 3.1% to $2.94 a pound as of 14:56 GMT, after hitting a day high of $3.04 and a low of $2.93.