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Daily Review 27.09.2016

Dollar dips as uncertainty hits market ahead ofinaugural presidential debate

US dollar lost ground against its main rivals on a highly volatile Monday trading as investors turned their focus to the first presidential debate that will feature the one-on-one showdown between Donald Trump and Hillary Clinton.

A poll that showed 34% of investors believed that the face-off will be crucial on the performance of global market, claiming that a victory for Trump could hurt stocks and drag the dollar.

The US dollar index, which measures the greenback against a basket of major currencies, slipped 0.2% and was last trading at 95.2890.

Against the Japanese yen, the greenback shed 0.62% at 100.36 after the Bank of Japan Governor Haruhiko Kuroda defended the central bank’s policy to achieve the 2% inflation policy.

The euro took advantage on the stronger-than-expected business climate index released by the Institute for Economic Research as it was last up 0.34% against the dollar at 1.1252.

Meanwhile, British pound weaken against the dollar at 1.2967, prompted by the continuous decline on the shares of the Deutsche bank.

The Russian ruble was last up 0.2% and last closed at 64.17 while the Turkish lira finished up 0.46% at 2.9797.

Gold surges, silver slides on retreating dollar

Precious metals tracked different paths on Monday as gold continued to build gains while silver slumped slightly after the US dollar tumbled amid concerns on the first presidential debate that will affect the outcome of November election.

Spot gold advanced a slight 0.01 % and was last trading at $1 337.40 an ounce while US gold future for December delivery closed at $1 344.70 after it registered a 0.2% climb.

On the other hand, the silver futures erased its early gains and closed down 1.44% to trade at $19.38 an ounce.

Platinum and palladium both also lost ground and were last trading at $1037.40 and $691.47 respectively.

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