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Daily Review 06.09.2016
 

Dollar weakens against yen as BOJ remained tight-lipped on monetary easing

The US dollar snapped its six-day hot streak against Japanese yen as it tumbled on Monday after the head of Bank of Japan gave no hints on chances of easing policy ahead of the September 20-21 economic review.

The dollar index finished at 95.66 against basket of major currencies, enough to maintain a steady position against one week low of 95.189 registered last Friday amid US employment data.

But yesterday, against yen, the greenback was down 0.7%, to close at 103.27, after BOJ Governor Haruhiko Kuroda disappointed investors who have been waiting for clear signals that monetary policy would be eased next month.

 The dollar also lost ground against euro as it slipped 0.3% and was last trading at 1.1156. Sterling was also firmer as it advanced 0.13% at 1.1947.

Gold advances as weak job data slashed hopes on possible rate hike

Gold futures rallied on Monday due to weaker dollar and reduced expectations on a potential interest rate hike after a weaker date on US employment were released last week.

Spot gold continued to roll yesterday as it closed at 41325.70 per ounce from a 0.1% climb, following the one-week high of $1341 recorded on Friday.

US gold futures were also stronger at %1 329.9 an ounce, from a0.2% rise.

Meanwhile, spot silver dipped 0.2% and was last closed at $19.37 per ounce.

Oil prices surge as Saudi, Russia supports freezing output

Oil crude futures settled in green territory on Monday after Saudi Arabia and Russia confirmed their participation an output freeze to stabilize oil market.

The two top oil producers claimed that they had signed an agreement of a strategic energy partnership to address global challenges and secure market stability.

Prior to the announcement, the Brent crude futures added 44 cents at $47.27 per barrel while US crude futures gained 60 cents at $45.05 per barrel.

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