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Oil prices fell for a third straight day on Thursday as rising Covid-19 cases in China, the world’s largest crude importer, continue to raise concerns about fuel demand.
The US dollar index or popularly called as the DXY experienced a very rapid recovery in the New York session last night. What is the cause that triggers this situation.
It was known that A stronger dollar makes gold less attractive for other currency holders, while higher U.S. interest rates and yields increase the opportunity cost of holding bullion, which is also used as a hedge against inflationary pressures. Recently, prices of Gold were flat at a three-month high based on data. In the trading session of Tuesday (15/November) tonight, spot gold prices stabilized at around $1,772.19 per ounce at 15:23 GMT.
The United states dollar index or it is also known as DXY was down more than 1.6 percent to the 111.10s range. That was occured when this news was written in Friday's (4/November)
Fed Chairman, Jerome Powell, yesterday said that it was too early to talk about a slowdown in the pace of rate hike. It is as there was "no sign of inflation declining" seen so far.
The greenback became the champion of the forex market on (3/November). It was following the announcement of the Federal Reserve and Bank of England meetings result.