Global Economy News

- Oct 17, 2018-

The US dollar fell as the US retail sales data in September fell short of expectations, and the US Treasury yields were consolidating after hitting a seven-year high last week. The safe-haven yen and the Swiss franc rose. As the stock market weakened, the tension between the Western powers and Saudi Arabia escalated, which made the global stock market, which was suppressed by a series of worries last week, worse. Sterling is near a one-week low. In late New York, EUR/USD reported at 1.1577, USD/JPY was at 111.76, USD/CHF was at 0.9868, and GBP/USD was at 1.3150.

 

Metal market:

The price of gold climbed to a two-and-a-half-month high, as the tension between the Western powers and Saudi Arabia escalated, exacerbating the global stock market's decline, forcing investors to seek safe haven, and to withdraw some of the bearish bets on gold. Spot gold closed at $1,226.54 an ounce, up more than 1% earlier, hitting a maximum of $1,233.26 since July 26.

Leads jumped to a six-week high, helped by a weaker dollar and declining inventories, but US-China trade tensions continue to put pressure on most metals. In the index period, lead closed up 1.6% at $2,085 per tonne, hitting the highest of $2,116 since September 4. Copper futures closed roughly unchanged at $6,301.