SHANGHAI, Jul 23 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.
The US dollar index fell back to below 95 and closed at 94.45 following the US President Donald Trump’s criticism of the Federal Reserve Board over interest rate hikes. The index soared to 95.65 earlier last week, the highest level since July 14 last year, on upbeat remarks from the Fed chairman Jerome Powell.
Base metals rose for the most part as the US dollar weakened, with LME aluminium leading the gains and closing over 1.8% higher. Copper rebounded over 1.6% as shorts exited and inventory declined. SHFE copper jumped nearly 1.5%, while lead inched down. Other base metals went up slightly.
The number of active US rigs for oil fell five units to 858 units over the week ended July 20 and natural gas rigs also dipped two units to 187 units; one rig was classified as miscellaneous, according to data from Baker Hughes. This lowered the overall active rigs by eight units, to 1,046 units.
Key factors to watch today include the US existing home sales in June, and the eurozone consumer confidence index this month.