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us dollar index makes a new 52 week low
on july 23 2020 , the us dollar index , which measures the us dollar against a basket of other currencies , made a new 52 week low . it did recover a little bit , but it could go further down.
what does this mean for the commodities ?
since all commodities are priced in us dollars , the weakness in the us dollar means that all the commodities would go up – including the precious metals – gold and silver.
in fact , gold , on july 23 2020 , almost made the same high as in 2011 – it came very close to 1920 – the high for the day was 1897 us dollars per ounce.
word is that the new stimulus for corona virus is almost ready in the usa congress – amount 1 trillion dollars – democrats want a higher value , but republicans are holding it down.
also , on july 23 2020 , the unemployment claims figure came out – it was still more than 1 million people filing for claims .
so , the economy is not picking up pace and there will be a lot of pressure on both parties to get the deal passed early .