US Dollar retreats ahead of important US economic data point UnitedStates DollarIndex Inflation SEO Macroeconomics
Daily digest: US Dollar facing its first big data point with US CPI
US equity futures rallied substantially on Monday and the party does not look to be over. All major indices in Asia and Europe are in the green while US equity futures are firmly in the green again. Japan’s Nikkei prints even a 33-year high. The benchmark 10-year US Treasury bond yield trades at 3.73%. Steady for now after the whipsaw move on Monday with the 10-year Treasury yield moving from 3.72% to 3.8% before closing at 3.74%. The US Dollar is showing further signs of weakening as almost every currency in the Dollar Index is gaining traction against the Greenback. That floor at 103 really comes close now and could see a firm break on the back of the US CPI numbers later this Tuesday.
Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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