July 18, 2023: Currency, Metals and US Stocks Performance Review

The US dollar stumbles near its lowest level in a year.

The dollar index hovers near its lowest levels in over a year on Tuesday as investors await new catalysts to determine whether the dollar will continue its decline following last week’s inflation report, which came in milder than expected.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, edged slightly lower to 99.84 in early Asian trading after plummeting to its lowest level since April 2022 on Friday.

It also recorded its worst weekly performance in 2023 last week as data showed further easing inflation in the United States, with consumer prices registering the smallest annual increase over two years, easing pressure on the Federal Reserve to resume interest rate hikes.

The euro rose to its highest level in 17 months against the US dollar at 1.1256 dollars.

The British pound increased by 0.15% to 1.3094 dollars from last week’s peak of 1.3144 dollars.

The Japanese yen strengthened to 138.66 against the dollar and remained 4% higher than its seven-month low recorded last month.

The Australian dollar rose 0.07% in the latest trading to 0.6821 dollars.

Meanwhile, the New Zealand dollar gained 0.1% to 0.6332 dollars.

The yuan recorded a slight increase in foreign trading at 7.1749 against the dollar.

Gold rises as investors await US retail sales data.

Gold prices rose on Tuesday, July 18th, as the dollar declined, approaching its lowest level in over a year, while traders await US retail sales data to gauge its impact on the US Federal Reserve’s monetary policy.

Gold in spot trading increased by 0.23% to $1959.00 per ounce, while US gold futures rose by 0.34% to $1963.00.

The dollar retreated, nearing its lowest level in over a year.

The decline in the dollar makes the precious metal more affordable for holders of other currencies.

As for other precious metals, silver rose in the spot market by 0.28% to $24.83 per ounce.

Platinum also increased by 0.61% to $984.00.

Palladium climbed by 0.48% to $1268.00.

US Stocks Review:

Apple stocks gained $52 billion in a single day, while Ford stocks suffered their largest daily loss in 6 months.

US indices closed with collective gains on Monday, supported by bank and technology stocks, as investors remain optimistic about the second-quarter 2023 corporate earnings.

Tesla and Netflix are expected to announce their profits this week, along with other major banks such as Bank of America, Morgan Stanley, and Goldman Sachs.

The Dow Jones index rose by 0.22%, equivalent to about 76 points, achieving its sixth consecutive daily gain and its highest closing in nearly eight months.

The S&P 500 and Nasdaq Composite indices also increased by around 0.4% and 0.9%, respectively, reaching their highest levels in about 16 months.

Apple Stock:

Apple’s stock rose by approximately 1.7%, marking a new record closing and pushing its market value above $3 trillion again, adding about $52 billion in this session.

This gain came after Morgan Stanley raised Apple’s target price by $30 to $220 per share, stating that Apple’s business in India could reach a value of $40 billion over the next ten years.

Ford Motor Stock:

Ford’s stock fell by about 6% on Monday, recording its largest daily loss in 6 months after the automaker lowered the prices of its F-150 Lightning trucks amid the price war among electric vehicle manufacturers.

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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