The U.S. dollar extended declines, falling to a three-month low led by many factors including end of year balancing from portfolio managers. The decline in the greenback led the commodity markets to maintain the gains. Gold prices continued to extend the rally, rising to $1294 an ounce.
Crude oil prices also held up stronger as the EIA’s crude oil inventory report showed that stockpiles declines 4.6 million barrels during the previous week which was more than expected.
On the economic front, the weekly unemployment claims rose 245k more than the expected 240k while the Chicago PMI was seen rising to 67.2 compared to estimates of 62.2 and up from 63.9 previously.
Looking ahead, the economic calendar is quiet today. From the Eurozone the preliminary inflation details from Germany and Spain will be released today.
