Gold was up on Friday morning in Asia but was headed towards a second weekly loss. The focus is now on a U.S. Federal Reserve policy decision that could provide clues on when asset tapering will begin.
Oil prices barely moved on Friday even as more supply came back online in the U.S. Gulf of Mexico following two hurricanes, with benchmark contracts on track to post weekly gains of around 4% as the output recovery is seen lagging demand.
The dollar was down on Friday morning in Asia but remained near three-week highs. Strong economic data from the U.S. rekindled expectations that the U.S. Federal Reserve will begin asset tapering earlier than expected and helped capped the U.S. currency’s losses.
Analysis of key markets.
The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.
Asian shares steadied in early trading on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors’ minds, while the dollar sat near a three-week high.