The U.S. dollar index rose by 0.09% on Tuesday following a smaller-than-expected March trade deficit of $60.3 billion, compared to expectations of $61.0 billion and a February figure of $57.8 billion. Heightened tensions between the U.S. and Iran are boosting safe-haven demand for the dollar as both countries report military confrontations in the Strait of Hormuz.
Key economic indicators released on Tuesday showed March new home sales increased by 7.4% month-over-month to 682,000, exceeding estimates of 652,000. However, the April ISM services index fell 0.4 to 53.6—slightly below the expected 53.7. The JOLTS job openings for March decreased by 56,000 to 6.866 million, which was better than the anticipated decline to 6.850 million.
In the commodities market, crude oil prices plummeted by 3% on the same day, impacting inflation expectations and potentially influencing future monetary policy stances from the Federal Reserve. Gold and silver prices also saw gains, closing up 0.78% and 0.08% respectively, amidst easing inflation concerns and geopolitical tensions.
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