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The US dollar continues to decline

Author:
Valentin Lazarov
Market News

Stocks closed marginally lower on Tuesday, taking a breather after posting strong gains to start off June.

The Dow Jones Industrial Average ended the day down 14.17 points at 26,048.51, erasing a gain of 185.99 points. The S&P 500 slipped less than 0.1% to 2,885.72 while the Nasdaq Composite finished just below breakeven at 7,822.57. The industrials sector was the biggest laggard in the S&P 500, dropping 0.9% as Raytheon shares declined by 5.1%.

The Dow also snapped a six-day winning streak. However, the S&P 500 remained around 2.4% below an intraday record.

Gold prices dipped slightly on Tuesday as investors booked profits following robust gains over the past weeks, while rising hopes of a trade deal between China and the United States lifted equities.

However, increasing expectations the U.S. Federal Reserve would proceed with an interest rate cut this year pressured the dollar, supporting bullion rates.

Spot gold dipped slightly to $1,327.41 per ounce. Prices had hit a 14-month high of $1,348.08 on June 7.

Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs.

U.S. West Texas Intermediate settled just a penny higher at $53.27. Brent crude, the global benchmark, settled unchanged from Monday’s settlement at $62.29 a barrel.

Brent is down 17.5% from its 2019 peak reached in April, while WTI is down 20% over the same period.

U.S. gold futures settled 0.1% higher at $1,328.50 per ounce.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.