Daily market overview – 10/08/2016
The dollar moved lower against other major currencies on Tuesday, but remained supported by Friday’s strong U.S. jobs report, while investors turned their attention to Friday’s U.S. retail sales data for further indications on the strength of the economy.
GBP/USD has fallen below 1.30 U.S for the first time in almost a month. This has happened because investors prepared for the data that wiould give further clues on the state of the UK economy in the wake of the decision to withdraw from the European Union. Britain’s currency has been dropping for the fifth day in a raw. The sterling has been suffering its longest losing streak since May after the Bank of England cut interest rates for the first time.
Gold has been rising up 1355 USD for a second day on Wednesday as investors sought hard assets amid a drop in the dollar after a report of weaker U.S. economic data. There are increased expectations that the Federal Reserve will not raise interest rates in the short-term.
Key Market data Wednesday – August 10 th 14:30 – USD: Crude Oil Inventories