The U.S. dollar was gaining this morning on a stronger-than-expected GDP report, rising expectations of a Fed rate hike, and easing concerns about global growth. Second quarter GDP was up 3.9%, well ahead of consensus expectations of 3.7%.
Today’s insight includes a rate cut in Norway, more struggles for commodity currencies, a speech by Janet Yellen, and a meeting between the leaders of the world’s two largest economies. This is your Morning Market Report for Sept. 24, 2015.
The U.S. trade deficit narrowed in April on a drop in imports, which surged in March following the end of a West Coast ports labor dispute, while companies picked up their hiring in May after a pullback the previous month.
Gold closed higher posting a $22.10 gain on short covering after recent heavy selling in precious metals. Crude closed at $54.90 per barrel continuing its price decline and the Saudi Arabian insistence on not reducing production.