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Commodity outlook by Bhavik Patel - Sr. Technical Analyst (Commodities) at Tradebulls:
The US Dollar index flirted with the level of 90 as US employment data came better than expected. Generally with such better than estimated data, market would have screamed “Buy Dollar” but market instead choose to see the disappointing wage growth data which came at 0.1% while expectation was 0.2%. So this week we are seeing US dollar weakness creeping back again as market perceives that US Fed will increase rates 3 times a year and won’t be aggressive in rate hikes.
The US Dollar index flirted with the level of 90 as US employment data came better than expected. Generally with such better than estimated data, market would have screamed “Buy Dollar” but market instead choose to see the disappointing wage growth data which came at 0.1% while expectation was 0.2%. So this week we are seeing US dollar weakness creeping back again as market perceives that US Fed will increase rates 3 times a year and won’t be aggressive in rate hikes.
Precious metals meanwhile are going nowhere and
