US dollar extends gains after upbeat data
The US dollar rose against most major rivals on Thursday and extended the gains after positive data.
New York Fed President John Williams said in a recent interview that US inflation is falling towards the 2% target in tandem with lowering interest rates.
Earlier data showed US unemployment claims fell to 213 thousand last week, a seven-month low, from 219 thousand in the previous reading.
The situation in eastern Europe remains on a knife’s edge after the US and its allies allowed Ukraine to use western missiles to hit deep into Russia.
On trading, the dollar index rose 0.3% as of 19:36 GMT to 107.04, with a session-high at 107.1, and a low at 106.4.
Aussie
The Australian dollar rose 0.1% against the greenback to 0.6515 as of 19:50 GMT.
Loonie
The Canadian dollar rose 0.1% against its US counterpart to 0.7161.
Gold climbs, dollar and stocks gain ground
Gold prices rose on Thursday even as the dollar rose against most major rivals alongside the stock market.
New York Fed President John Williams said in a recent interview that US inflation is falling towards the 2% target in tandem with lowering interest rates.
Earlier data showed US unemployment claims fell to 213 thousand last week, a seven-month low, from 219 thousand in the previous reading.
The situation in eastern Europe remains on a knife’s edge after the US and its allies allowed Ukraine to use western missiles to hit deep into Russia.
Otherwise, the dollar index rose 0.3% as of 19:36 GMT to 107.04, with a session-high at 107.1, and a low at 106.4.
On trading, gold spot prices rose 0.9% to $2675 an ounce as of 19:37 GMT.
Wall Street edges up after positive data
Most US stock indices gained ground on Thursday following positive data while investors analyze the geopolitical situation in Europe.
New York Fed President John Williams said in a recent interview that US inflation is falling towards the 2% target in tandem with lowering interest rates.
Earlier data showed US unemployment claims fell to 213 thousand last week, a seven-month low, from 219 thousand in the previous reading.
The situation in eastern Europe remains on a knife’s edge after the US and its allies allowed Ukraine to use western missiles to hit deep into Russia.
On trading, Dow Jones rose 0.8% as of 16:5 GMT, or 350 points to 43,760 points, while S&P 500 rose 0.2% to 5930 points, as NASDAQ dipped 0.4% to 18,894 points.
Oil prices rush to two-week high as missle attacks erupt betwen Russia and Ukraine
Oil prices rallied in American trade on Thursday to two-week highs and resumed the gains after a short hiatus yesterday, as missile attacks between Russia and Ukraine spiked, threatening oil supplies from the world’s second largest crude producer.
In the US, earlier data showed crude stocks rose for the third straight week, while crude production slowed down to a two-month low.
Prices
US crude rose 1.9% to $70.34 a barrel, the highest since November 11, with a session-low at $68.89.
Brent added 1.9% to $70.34 a barrel, the highest since November 11, with a session-low at $68.89.
On Wednesday, US crude fell 0.4%, while Brent shed 0.3%, the first loss in three days.
Eastern European Conflict
Ukraine recently launched a series of British Cruise missiles on Russia on Wednesday, the newest western weapon that was allowed for use by Ukraine on Russian targets, after the launch of the American ATACMZ missiles.
Russian president Vladimir Putin approved an update to the nuclear doctrine, expanding the conditions of their use.
the US Biden administration allowed Ukraine to use American made weapons to hit deeper into Russia according to media sources.
The Kremlin warned that such a decision would directly implicate the US into the conflict, and accused the Biden administration of escalation.
US Crude Stocks
The Energy Information Administration reported a buildup of 0.5 million barrels in US crude stocks last week to a total of 430.3 million barrels, while analysts expected a drop of 0.2 million barrels.
Gasoline stocks rose 2.1 million barrels to 208.9 million barrels, while distillate stocks fell by 0.1 million barrels to 114.3 million barrels.
US Output
US crude production fell 200 thousand bpd last week according to the EIA, to a total of 13.2 million bpd, the lowest since the week ending September 13.