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Commodities Suffer as Dollar Returns with Vengeance

May 26, 2015 at 12:50 by Vladimir Vyun

Markets reopened in the United States after a holiday, and the US dollar returned with vengeance. The currency dominates the Forex market as of now, and this means that dollar-priced commodities are under pressure. During yesterday’s quiet trading session, most raw materials have been able to carve out gains.

The greenback returned to a bullish mode after the last Friday’s news reinforced the outlook for an interest rate hike this year. Quite a few economic reports will be released from the USA today, and they may have a significant impact on the dollar and, by extension, on prices for raw materials.

August futures for delivery of gold lost 0.74 percent of their value to trade at $1,196 per ounce as of 12:46 GMT on COMEX today. Contract for delivery of WTI crude oil in July declined 0.45 percent to $59.45 per barrel on NYMEX. Wheat slipped 0.44 percent to $5.13 per bushel on CBoT.

If you have any questions and comments on the commodities today, use the form below to reply.

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