The dollar index which measures the greenback against a basket of major currencies settled near at a two-week high of 96.36, recovering almost 50% of its last swing lower. The dollar regained strength amid rising European risks. Moreover, a trade deal between China and the United States could provide a boost for the global economy and help the Federal Reserve to continue tightening its monetary policy in 2019. The US financial markets are closed today for Martin Luther King, Jr. Day.
Gold ended its weekly winning streak after losing 0.5% last week. Despite the drop, the gold ounce is still holding the $20 dollar consolidation range as investors await further fundamental developments. The silver ounce ended lower for the second consecutive week losing almost 1.7%. Meanwhile, Palladium continued to hover near a record high above $1400 on higher demand and tight supply.
Oil prices traded near a six-week high on optimism that a trade deal between China and the United States could boost the demand for oil in 2019. Moreover, the OPEC+ led production cut is also supporting oil prices despite the record US production. The West Texas Intermediate crude futures rose to a high of $54.13, and Brent futures climbed to $62.98.
Major Economic Events
|Tentative||UK||U.K. Prime Minister May Speaks|
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