The US Dollar Steadies on Wednesday

The US dollar steadied on Wednesday after falling overnight amid the US-China trade uncertainties and an inversion of the US yield curve.

The US dollar index was up by 0.1% to $97.998 against a basket of other currencies this morning.

The trade dispute between the US and China continue to remain in focus since the issue seems to last for a longer period as the negotiation between the two nations keeps on delaying.

Meanwhile, the yield on the benchmark 2-year Treasury note dropped to 1.526% overnight; thus creating an inverted yield curve. This is a phenomenon that has often signal past US recessions.

Separately, both the AUD/USD and NZD/USD pair slipped by 0.2% to 0.6737 and 0.4% to 0.6335 respectively.

As for the USD/JPY pair, it rose by 0.1%.

Gold Futures Retreated

Gold futures pulled back during early morning trades on Wednesday.

On the Comex division of the New York Mercantile Exchange, gold futures for delivery in December dropped by 0.43% to trade at $1,545.15 per troy ounce.

Moreover, earlier, the troy ounce was trading in a dollar bearish session. Gold was likely to find support at $1,502.10 and resistance at $1,565.00.

In addition, the US Dollar Futures Index, which tracks the performance of the greenback against six other major currencies, rose by 0.09% to trade at $97.998.

Elsewhere on Comex division, Silver for December delivery fell by 0.17% and traded at $18,267 per troy ounce while Copper for December delivery gained by 0.12% to trade at $2,558 per pound.

Crude Oil Futures Dropped

Crude Oil futures dropped in the Asian market this morning.

On the New York Mercantile Exchange, Crude Oil futures for October delivery went down by 1.04% to trade at $55.50 a barrel.

Earlier, the barrel traded in a dollar bearish session. The crude oil was likely to find support at $52.96 and resistance at $56.46.

Elsewhere on ICE, Brent oil for delivery in November also dropped by 0.69% and traded at $59.44 a barrel. Moreover, the gap between the value of contracts on Brent Oil and Crude Oil stood at $3.94 a barrel.

Financial Events to watch for today

14:30 GMT
Crude Oil Inventories [US]