Platinum off two-week lows as dollar slips

Economies.com
2018-08-03 13:26PM UTC

Platinum prices rose over one percent in American trade off July 20 lows, heading for the third weekly profit in a row, as the dollar index backed off July 19 highs, following earlier employment data from the US. 

 

As of 01:16 GMT, platinum prices rose 1.2%% to $834.08 an ounce, moving off two-week lows, while the dollar index shed 0.08% against a basket of major rivals to 95.10. 

 

Earlier US data showed the unemployment rate fell to 3.9% as expected from 4.0% in June, while average hourly earnings rose 0.3% as expected, up from 0.1% in June. 

 

The economy added 157 thousand jobs last month, down from 248 thousand in June, and missing estimates of 191K, as the trade deficit rose to $46.3 billion from $43.2 billion in May, below estimates of $46.5 billion. 

 

The final reading for the Markit services PMI is expected at 56.2, same as before, while the more important ISM services PMI is estimated to dip to 58.9 from 59.1 in June.

 

Services PMIs are crucial as services constitute two thirds of American GDP, with the indices covering healthcare, finance, housing, retail, and many other sectors in the economy, and they usually have bearing on the Federal Reserve's policy decisions later

Commodities News

Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...
Oil News

Commodities

US crude stocks rise unexpectedly
2024-03-27 15:39PM UTC
The Energy Information Administration reported a buildup of 3.2 million barrels in US crude stocks ...
Oil News

Commodities

Oil prices extend losses after a spike in US inventories
2024-03-27 13:21PM UTC
Oil prices declined in European trade on Wednesday, extending losses for the second session, with ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...
Silver Analysis

Commodities

Silver price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Silver Price Analysis Silver price faces expected negative pressure to test the key support ...