Dollar steadies after key economic data
The US dollar held against most currencies on Monday, after the release of economic data, as investors continue parse the Federal Reserve's recent statement.
Data showed today that the US durable goods orders rose 1.8% in August, beating forecasts of 0.7%.
The core durable goods orders reading (excluding food and fuel prices) rose 0.2% last month, missing forecasts of a rise of 0.5%.
Evergrande's real estate crisis continues to grow, which faces a disastrous debt default scenario, which could destabilize many economic sectors in China.
The US Federal Reserve on Wednesday kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.
The dollar index rose against a basket of major currencies by 0.1% to 93.3 points as of 18:10 GMT, after hitting a high of 93.4 points and a low of 93.2 points.
Oil extends gains, Brent rises near $80
Oil prices rose on Monday, as the US dollar held against most currencies, and extended gains amid expectations about demand.
Oil is recovering thanks to improved global demand and falling supply, in addition to a drop in the US inventories last week.
Goldman Sachs analysts forecast Brent to extend its gains, to reach $90/barrel by the end of this year.
The dollar index rose against a basket of major currencies by 0.1% to 93.3 points as of 17:27 GMT, after hitting a high of 93.4 points and a low of 93.2 points.
WTI crude October futures rose 1.9% to $75.4 a barrel as of 17:23 GMT.
Brent November futures rose 1.8% to $79.4 a barrel.
Canadian dollar edges higher despite rising oil prices
The Canadian dollar rose against most of its counterparts on Monday, despite oil prices' jump to a 3-year high.
Bearing in mind that the Canadian dollar is a commodity currency, as oil is one the major Canadian exports, and the currency is affected by oil prices movements.
Evergrande's real estate crisis continues to grow, which faces a disastrous debt default scenario, which could destabilize many economic sectors in China.
The US Federal Reserve on Wednesday kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.
As of 15:52 GMT, CAD/USD rose less than 0.1% to 0.791, and an intraday high at 0.7930, and a low at 0.7890.
Dow Jones surpasses 35,000 in early trading
The major US stock indices opened mixed Monday, despite the release of upbeat economic data, as investors await more statements from Federal Reserve members.
Data showed today that the US durable goods orders rose 1.8% in August, beating forecasts of 0.7%.
The core durable goods orders reading (excluding food and fuel prices) rose 0.2% last month, missing forecasts of a rise of 0.5%.
Evergrande's real estate crisis continues to grow, which faces a disastrous debt default scenario, which could destabilize many economic sectors in China.
As for stocks, Dow Jones rose 0.6% or 226 points to 35,024 as of 14:03 GMT, and S&P 500 fell 0.2% or 10 points to 4,445, while Nasdaq fell 1% or 150 points to 14,899 points.