Global rally intact

The Dollar weakening has halted currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.7% Friday despite data showing US personal income rose 0.4% in July while consumer spending was up 1.9%. Both GBP/USD and EUR/USD reversed their sliding Friday with both pairs lower currently. USD/JPY reversed its climbing while AUD/USD continued rising on Friday with both yen and Australian dollar lower against the greenback currently.

US equity markets are rising currently ahead of Federal Open Market Committee Member Clarida speech at 17:00 CET today. The three main US stock indexes recorded weekly gains ranging from 2.6% to 3.4% last week led mainly by large capitalization technology shares. European stock indexes are rising currently after a pullback Friday following a weaker than expected GfK consumer climate index report. Asian indexes are mostly lower today after Chinese manufacturing activity PMI edged back to 51.0 in July while services sector expansion accelerated. Readings above 50.0 indicate industry expansion, below indicate contraction.

Brent is retracing higher today after retreat Friday. Prices are rising after Abu Dhabi National Oil Company told its customers that it will reduce October supplies by 30%, following a 5% cut in September. Oil prices ended lower last session. The US oil benchmark West Texas Intermediate (WTI) futures are higher currently after October WTI fell 0.2% Friday. October Brent crude lost 0.1% to $45.05 a barrel on Friday.

Gold prices are pulling back today. December gold surged 2.2% to $1974.90 an ounce on Friday.