Over the last two trading sessions, we saw the mighty dollar fall off its horse, but some resilience for the greenback returned as we move into the US midterm elections and October CPI print on Thursday. During the course of the day, we saw currencies across the board slowly softened against the dollar, as the euro dipped back below parity and the rand tested close to R17.88. However, later afternoon price action has seen the dollar give back some of those gains, and the rand is trading around the R17.75 mark.
Relatively mixed bag in the commodity sector, with gold, platinum, and copper all gaining on the day. Gold has been as volatile in the past few weeks as one could expect from some emerging market currencies but has benefited from the softer dollar of the past few days. Brent Crude has slipped off multiple week highs, as OPEC+ cuts and an expected increase in demand for the European winter led to crude prices trading at $99.50 yesterday. Equity markets are mixed this afternoon as the risk-on theme starts to fade, while the Treasury yields in the US are lower across the board.
#markets #USdollar #Commodities #goldprice
