The dollar index (DXY) reached a two-week high, up 0.09% today, following stronger-than-expected US economic indicators, with August retail sales rising 1.2% month-over-month, surpassing forecasts of 0.8%. This is the largest increase in five months. The Federal Reserve is anticipated to raise interest rates by 25 basis points at today’s FOMC meeting, with a 94% probability priced into the markets, pushing the target range to 3.75%-4.00%.
In contrast, the September NAHB housing market index fell to a three-and-a-half-year low of 32, lower than the expected 34, while August import prices rose 0.8%, above the forecast of 0.3%. Currency movements showed the euro declining 0.07% against the dollar despite Eurozone industrial production falling less than expected, and the yen also weakened against the dollar amid disappointing Japanese economic data.
Additionally, precious metals prices increased with December gold rising 1.09% and silver up 1.57%, supported by lower crude oil prices and declining global bond yields. Meanwhile, China’s PBOC has reported a significant increase in gold reserves, boosting market confidence.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
