The US Dollar shows no mercy. The relentless rise of the Greenback finally seemed to abate last Friday, but alas it wasn’t to be. The DXY hit the ground running on Monday to gain another half percent, bringing it back up to 104 and fully erasing the late summer slump. The Yen has borne the worst of the Dollar’s strength. Indeed, the USDJPY pair has now climbed back over 150 – a l evel which already prompted government intervention earlier in the year. The Euro isn’t faring much better, losing $1.08 yesterday for the first time since early August. All eyes on the Canadian Dollar later today however as the Bank of Canada is expected to lower rates on the Loonie for the fourth time this year.
Gold and silver are having a whale of a time. Good old Aurum gained over 1% yesterday to reach a new all-time high of $2,748 an ounce. Argentum still has a long way to go before reclaiming its old record high but that didn’t stop it from continuing its recent ascent. The grey metal gained another Dollar yesterday to come within touching distance of $35. As a quick history lesson, silver almost hit $50 an ounce in both 1980 and in 2011 but has not come close since.
It's earnings season for US stock markets, with Tesla (TSLA), Coca Cola (KO) and IBM all reporting later today, to name but a few. The Nasdaq Composite is now getting closer to its previous record high after having spent the last two months recovering from the August crash. The Dow Jones and S&P 500 are also poised just below their own, much more recent all-time highs.
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