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Gold and Dollar stabilized ahead of release of US business results

2019-07-16 10:10 am | Resource: News | No Views : 62

 Gold and Dollar stabilized ahead of release of US business results

Gold prices have stabilized as the performance of the dollar stabilized as investors look to US corporate results and will see retail sales in June in the US today.

Most US stocks are flat before the profit market

After hitting an all-time high the previous day, stocks in the US were flat mostly in the pre-market market on Tuesday as investors awaited a set of corporate profits. Major banks including JP Morgan, Goldman Sachs and Wells Fargo, as well as pharmaceutical giant Johnson and Johnson, are scheduled to report ahead of the bell.

Markets are also looking for signals from Federal Reserve officials - some of whom are scheduled to speak this week - about the next step in monetary policy.

On the data front, retail sales figures, industrial production and US stocks are due to be released later in the day.
  • The Dow Jones Industrial Average and the S & P 500 were flat
  • While the Nasdaq 100 rose 0.07% at 10:15 am CET.
  •  IMF: China's growth slows if trade war continues

China's growth will slow even below its record low growth in the second quarter if the US trade war with the United States continues, IMF Executive Director David Lipton said on Tuesday. Lipton added that the global economic outlook is "slow".

Speaking to the press, he noted that if growth continued to decline, central banks would need to respond and called on the European Central Bank (ECB) to prepare all its "policy tools for use". However, Lipton, candidate for ECB presidential candidate Christine Lagarde, said the IMF's baseline scenario is not slowing the global economy or getting into a recession.

Later in the day, Lipton will deliver a keynote address on the future of Bretton Woods at a conference organized by the French central bank.

The dollar index, which measures the performance of the greenback versus a basket of six currencies, also stabilized at 96.9 points. The euro lost 0.12% against the dollar to trade against 1.1244 at 10:15 am.

 Precious metals trading
  • Gold futures settled for August delivery at $ 1414.9 an ounce at 9:27 am CET,
  • The spot price was settled at $ 1412.49 an ounce at 9:28 am CET.

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