Dollar steadies after positive economic data
The US dollar held steadily against most of its peers on Thursday, after the release of upbeat US economic data.
The US Department of Labor revealed that the number of initial unemployment claims fell to 411K last week from 418K, while analysts forecast 382K.
The second reading of the US GDP showed a growth by 6.4% during the first quarter of 2021 as expected.
The markets are absorbing Fed Chief Jerome Powell's hints on Tuesday that the Fed will adopt a patient approach before raising interest rates.
Efforts to contain the coronavirus pandemic are continuing around the world, especially after the new highly transmissible delta strain emerged in some countries.
The dollar index held against a basket of major currencies by at 91.8 points as of 18:42 GMT, after hitting a high of 91.8 points and a low of 91.6 points.
Oil turns slightly higher as dollar holds
Oil prices rose on Thursday, and erased their earlier losses, as the US dollar held against most major currencies.
The Energy Information Administration reported yesterday that the US crude inventories fell 7.6 million barrels to 459.1 million barrels during the past week, while analysts forecasts a drop by 6.3 million barrels.
The Saudi Energy Minister Prince Abdulaziz Bin Salman said that OPEC+ alliance has a role in taming and containing inflationary pressures that impact the market.
The dollar index held against a basket of major currencies by at 91.8 points as of 17:44 GMT, after hitting a high of 91.8 points and a low of 91.6 points.
As of 17:39 GMT, WTI crude August futures rose 0.1% to $73.1 a barrel, after hitting a high of $73.6 and a low of $72.3.
Brent August futures rose 0.2% to $75.3 a barrel, after hitting a high of $75.7 and a low of $74.7.
Copper continues to slide despite falling dollar
Copper prices fell on Thursday, while the US dollar fell against most majors, amid concerns about the Chinese government's measures to curb prices.
Copper was weighed down recently after Beijing decided to release copper and zinc from its national reserves to reduce prices.
With these measures, the Chinese government aims to curb prices in the domestic market, which have spiked recently.
The coronavirus pandemic continues to cast its shadows on global markets, especially after the new highly transmissible delta strain emerged in some countries.
The dollar index fell against a basket of major currencies by 0.1% to 91.7 points as of 13:43 GMT, after hitting a high of 91.8 points and a low of 91.6 points.
Copper September futures fell 0.6% to $4.29 per pound as of 13:42 GMT, after hitting a high of $4.31 and a low of $4.25.
Nasdaq and S&P 500 rise to records after upbeat data
The US stock indices opened higher on Thursday, after the release of upbeat economic data, and Nasdaq and S&P 500 hit new records.
The US Department of Labor revealed that the number of initial unemployment claims fell to 411K last week from 418K, while analysts forecast 382K.
The second reading of the US GDP showed a growth by 6.4% during the first quarter of 2021 as expected.
The markets are absorbing Fed Chief Jerome Powell's hints on Tuesday that the Fed will adopt a patient approach before raising interest rates.
As for stocks, Dow Jones rose 0.8% or 275 points to 34,148 as of 14:19 GMT, and S&P 500 rose 0.6% or 25 points to 4,266, while Nasdaq rose 0.8% or 114 points to 14,386.