Palladium falls off nine-month peak, dollar gains ground

Palladium prices fell off January 26 highs in American trade as the dollar index climbed off July 9 lows for the eighth session out of nine,. following a spate of services data from the US today. 

As of 01:24 GMT, palladium fell 0.24% to $1,052.91 an ounce, while the dollar index inched up 0.11% against an array of main currencies to 95.58. 

Federal Reserve Bank of Richmond President Thomas Barkin delivered a speech titled "The Outlook for Tomorrow: Five Numbers to Watch" at the West Virginia Economic Outlook Conference, where he pointed to strong growth rate and upbeat inflation, adding the Fed will now focus on business investment, labor compensation, and productivity gauges. 

Earlier US data showed private sector employment rose 230 thousand in September, adding to the 168 thousand in August, and beating estimates of 185 thousand. 

US ISM services PMI rose to 61.6 in September from 58.5, beating estimates of 58.0. 

Services PMIs are crucial as two thirds of American GDP are dependent on the services sector, with the readings covering many aspects of the economy such as retail, housing, utilities, healthcare, and finance.