Help
Dollar stalls amid mixed US economic data
The dollar struggled to advance amid mixed U.S. economic data; private payrolls grew, but job openings dropped.
Gold Record High: Gold reached a new high of $2,790, with prices steady around $2,770 following stable Y/Y PCE data.
EUR/USD Steady: EUR/USD held near 1.0870 as German retail sales and Q3 GDP growth exceeded expectations.
Earnings Focus: Apple, Amazon, and Mastercard earnings awaited; META and Microsoft declined over AI concerns, pressuring the S&P 500.
Key Market Movers
Gold unlocks new historical high at $2,790. Whilst the dollar is finding it challenging to advance further after recent gains, as recent economic data has made it difficult to gauge the strength of the U.S. economy. While U.S. private payroll growth surged in October, data on Wednesday showed a drop in job openings in September, which fell to their lowest level since January 2021.
The yellow metal was kept in a tight range near $2770 following PCE data which remained unchanged Y/Y in October. While core PCE edged higher to 0.3% month to month from 0.2% in September.
Moreover the U.S. personal spending rose from 0.3% to 0.5%, raising concerns about higher inflation in the coming months.
In Europe, EUR/USD remained mostly steady at 1.0870 after German retail sales unexpectedly increased by 1.2% in September from the previous month. This came on the heels of data revealing that the German economy grew by 0.2% in the third quarter compared to the previous quarter, exceeding expectations.
Earnings
Earnings highlights today from Apple, Amazon and Mastercard.
Earlier yesterday META and Microsoft trader lower on AI related concerns, dragging the S&P 500 lower as these companies account for almost 42% of the S&P 500 market capitalization.
