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vegassports-odds.com October 18, 2017


Spot Gold Higher, June CPI Flat

15 July 2017, 05:48 | Melvin Schneider

Daily August Comex Gold

Daily August Comex Gold

Euro strengthened against the dollar on Friday as the greenback weakened after a benign reading of US inflation in June and soft retail demand raised doubts the Federal Reserve would increase interest rates later this year.

The unchanged reading followed a drop of 0.1 percent in May, the Labor Department said Friday.

The so-called core CPI, which strips out food and energy costs, edged up 0.1% in June, matching the increase of the two previous months. Inflation has climbed just 1.6 percent from a year ago.

US Treasury yields dropped to multi-week lows as the benign inflation data and unexpected fall in retail sales fuelled doubts about an interest rate increase later this year.

Data from the Commerce Department showed that retail sales fell by 0.2% in June after edging down by a revised 0.1% in May.

The benchmark 10-year Treasury yield TMUBMUSD10Y, -2.05% fell 5.1 basis points to 2.296%. Stocks in the USA were mostly higher even as the data was reported, with the Nasdaq climbing 0.2%. Also falling were prices for used cars and trucks, down 0.7% in the month and 4.3% over the a year ago.

The big four offered the most support for the index, with Commonwealth Bank rising 1.2 per cent, Westpac closing 2.7 per cent higher, ANZ managing a 0.8 per cent bump and NAB up 1.2 per cent over the week. Economists had expected consumer prices to inch up by 0.1%.

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Regarding the reaction in the forex markets, the dollar index, which gauges the dollar's strength against major rival currencies, fell sharply by 0.50%, reaching a new nine-month low of 95.30.

"I would think the US CPI data on Friday could be more important". From what we've seen of recent - both the European Central Bank and the BoJ have made efforts to talk-down their currencies and, if they're effective next week, this could bring a modicum of strength to the U.S. Dollar that would essentially amount to a retracement of the "bigger picture' bearish trend".

Meanwhile, U.S. stock futures pointed to a mixed open. The S&P 500 .SPX gained 11.44 points, or 0.47 percent, to 2,459.27 and the Nasdaq Composite .IXIC added 38.03 points, or 0.61 percent, to 6,312.47.

The unemployment rate is at 4.4 percent, near a 16-year low. After initially falling below 2.3%, the 10-year yield climbed back above that level, reflecting strong forces that are still pushing up on yields, analysts said.

Up until this week, Fed officials had translated the recent moderation in prices as transitory but following Yellen's dovish tilt on Wednesday and today's weak numbers, policy makers will now have to reconsider whether additional rate hikes are warranted this year.

The euro was up 0.37 percent against the greenback to $1.1437 and sterling was 1.07 percent higher at $1.3073, after hitting $1.3082, its highest since September 23, 2016.

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