The dollar was set to end the week close to where it started following a roller-coaster week in which currencies were tossed around by shifting risk appetite, with the market’s focus now shifting to next week’s U.S. Federal Reserve meeting.
The S&P 500 closed higher Thursday, after recovering intraday weakness supported by a bid up technology stocks amid falling Treasury yields following data showing a surprise rise in weekly jobless claims.
Asia Pacific stocks were mostly up on Friday morning but ended the week on a cautious note as investors digested the latest U.S. economic data and earnings.
Gold was down on Thursday morning in Asia, remaining close to a one-week low. A strengthening dollar and increasing risk appetite as concerns over surging COVID-19 cases abated, both decreasing the yellow metal’s appeal to investors.
The dollar was up on Thursday morning in Asia but climbed down from multi-month highs, as strong earnings boosted global stocks and increased investor risk appetite.
Oil was down Thursday morning in Asia, as the U.S. Energy Information Administration (EIA) confirmed a surprise draw in U.S. crude oil supplies and soaring COVID-19 cases globally dampen the fuel demand outlook. However, the black liquid held on to most of its gains from the previous session over expectations that supplies will remain tight through the end of 2021.