Dollar slips with US economic data in focus
The US dollar slipped against most of its peers on Friday, after the release of strong economic data, which signals the US gradual economic recovery from the coronavirus pandemic economic impact.
The data showed yesterday that the US retail sales rose 9.8% during March, beating forecasts of 5.8%, and the core reading showed a rise by 8.4% in March, better than forecasts of 5.1%.
The US unemployment claims fell to 576K during the past week, better than forecasts of 703K.
Preliminary results from the University of Michigan Survey of Consumers, showed that the index rose to 86.5 points in April, slightly lower than forecasts of 88.9 points
The dollar index fell against a basket of major currencies by 0.1% to 91.6 points as of 18:18 GMT, after hitting a high of 91.8 points and a low of 91.4 points.
Gold closes higher, posts 2% weekly gain
Gold prices rose on Friday, and posted weekly gains as the US dollar slipped against most of its rivals, while the US Treasury bond yields pulled back.
The preliminary results from the University of Michigan Survey of Consumers, showed that the index rose to 86.5 points in April, slightly lower than forecasts of 88.9 points.
The 10-year US Treasury bond yields fell below 1.6% today, which weighed down on the US dollar.
The dollar index fell against a basket of major currencies by 0.1% to 91.6 points as of 18:21 GMT, after hitting a high of 91.8 points and a low of 91.4 points.
Gold June futures rose 0.8% or $13.40, and closed at $1780.20 an ounce, and posted a weekly gain of 2%, after hitting a day high at $1784.7 and the low at $1760.3.
Brent pares early gains, but remains on track for weekly gain
Oil prices fell on Friday, and pared their early gains, despite the US dollar's drop against most of its peers, but oil remains on the cusp of weekly gains.
OPEC has raised its global demand outlook by about 70K barrels from last month's forecasts, to 5.95 million barrels per day in 2021.
Data showed today the Chinese economy grew 18.3% during the first quarter of 2021, in line with analysts' forecasts.
The dollar index fell against a basket of major currencies by 0.1% to 91.5 points as of 15:46 GMT, after hitting a high of 91.8 points and a low of 91.5 points.
As of 15:44 GMT, WTI crude May futures fell 0.4% to $63.1 a barrel, after hitting a high of $63.8 and a low of $62.8.
Brent June futures fell 0.1% to $66.8 a barrel, after hitting a high of $67.3 and a low of $66.4.