Financial Markets Summary: Dollar and Bitcoin Rise Amid Slight Decline in Gold and Oil!

The financial markets witnessed notable movements today, Friday, coinciding with the release of somewhat positive U.S. economic data, the highlight of which was the housing sector data, shedding light on the economic situation in the United States.
Official statistics showed that building permits increased to 1.48 million permits by the end of December, compared to expectations that indicated only 1.46 million permits. Previous data showed building permits at 1.49 million in November.
Here’s a look at the major market movements:
Slight increase in the U.S. Dollar Index
The improvement in housing data led to a slight increase in the U.S. Dollar Index by 0.35%, reaching a level of 109.34 points. This data contributed to providing a clearer picture of the economic situation in the United States, which supported the rise in the value of the dollar.
Slight drop in gold prices with dollar strength
Gold prices witnessed a slight decrease of about $9 per ounce, reaching $2,705. This drop is attributed to the strength of the U.S. dollar, at a time when demand for gold is facing some weakness, despite being considered a safe haven.
Bitcoin records a strong rise in the digital market
The digital currency Bitcoin rose by 5.46%, recording a value of $105,251. The currency is close to surpassing the $105,000 barrier, reflecting optimism in the cryptocurrency market, as expectations have increased regarding the impact of the new U.S. administration’s economic policies led by the elected president Trump, including the issuance of an executive order that may prioritize cryptocurrencies as a national focus.
Crude oil prices fall ahead of Trump’s inauguration
Crude oil prices decreased by 0.79%, with the price per barrel reaching $77.24. Concerns over the impact of the elected president Donald Trump’s statements on the market have caused oil prices to decline ahead of his inauguration.
Notable rise in U.S. stock indices
U.S. stock markets posted positive performance, with the Dow Jones Industrial Average rising by 0.92% to reach 43,551 points. The S&P 500 also climbed by 1.18% to reach 6,007 points, while the Nasdaq rose by 1.73% to reach 19,637 points.
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