Financial market movements: The dollar continues to rise, and Bitcoin is shrinking its record profits!

Financial markets continued their strong movements coinciding with the release of important U.S. economic data, most notably the Producer Price Index (PPI) data, unemployment claims data, and the release of U.S. oil and gas inventory data, which had a significant impact on the trading of the dollar and oil as well as some commodities such as oil and natural gas.

In this context, the U.S. Bureau of Labor Statistics released the Producer Price Index data for October, where the index grew by 2.4% year-on-year, surpassing expectations that indicated 2.3%. The core Producer Price Index also recorded a growth of 3.1%, higher than the expectations of 3.0%.

Moreover, in another context, initial unemployment claims for the week ending November 8 decreased to 217,000 claims, compared to expectations of 224,000, marking a positive decline for the fourth consecutive week after recording 221,000 claims the previous week.

Here’s a look at the performance of the financial markets:

Performance of the U.S. Dollar Index

The U.S. Dollar Index achieved positive performance following the release of the Producer Price Index data and U.S. unemployment claims data, rising by 0.17% and currently stabilizing around the level of 106.65 points, marking the highest level for the dollar index since October 2023.

Performance of Gold

Spot gold contracts decreased slightly in tandem with the rise of the U.S. dollar index during trading, with gold currently trading near $2570 per ounce.

Performance of Crude Oil Contracts

U.S. crude oil contracts witnessed a rise of about 0.63%, reaching levels of $68.43 per barrel. Additionally, Brent crude futures are trading near $72.24 per barrel, up by 0.46%, as the negative U.S. oil inventory data contributed to reducing crude oil profits during trading.

Performance of Natural Gas Futures

Natural gas futures experienced a decline of approximately 5.80%, reaching levels of $2810 per million British thermal units, affected by an unexpectedly large increase in U.S. natural gas inventories last week.

Bitcoin Prices

Bitcoin saw a decline of 1.52%, currently trading near $89,146. The digital currency is giving up its all-time high recorded in the previous session at levels of $94,000, possibly due to profit-taking activities in the cryptocurrency markets.

Performance of U.S. Stock Indices

The Dow Jones Industrial Average recorded a decline of 0.40%, trading near 43,783.55 points. Meanwhile, the S&P 500 dropped by 0.36%, trading near 5,963.76 points. The Nasdaq Composite also fell by about 63 points, stabilizing around the level of 19,167.75 points.

Read also:

Financial Market Movement: Strong Dollar Rise and Bitcoin at All-Time High

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