The greenback stabilized following yesterday’s steep declines against the major currencies, pushing the euro beneath the 1.47-level to 1.4660 while holding the Aussie below the 0.89-figure. There was a dearth of US economic reports in the Wednesday session prompting foreign exchange traders to take their cues from the equity and commodities markets. Spot gold extended gains to a new record high at $1,048.20 per ounce while oil drifted beneath the $70 per barrel level to settle at $69.57 per barrel. Meanwhile, US equity bourses were slightly lower with the Dow Jones posting a 0.40% decline and both the Nasdaq and S&P 500 were marginally lower.
The economic calendar for Thursday will see weekly jobless claims, which are expected to ease to 540k, wholesale sales, seen edging up to 0.70%, and wholesale inventories, anticipated to post a 1.0% decline.
by Korman Tam
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