Weaker than expected readings on the US economy for June and July, especially on the inflation front, pushed the greenback to its weakest level since September, triggering almost across-the-board gains for commodities.
The US dollar spot index sank 0.60% to 95.15, pushing Bloomberg’s commodity index higher by a hefty 0.96% to 82.70 points.
Energy futures clocked-in with some of the biggest advances.
West Texas Intermediate rose 1.0% to close at $46.54 a barrel on the NYMEX, while RBOB gasoline was 2.25% ahead to $1.5605 a gallon.
Over in the metals space, August 2017 COMEX gold was up by 0.84% at $1,227.50/oz., alongside a 1.71% jump in platinum to $921.28/oz..
Meanwhile, on the Chicago Board of Trade, September 2017 corn futures were ahead by 1.76% to $3.7625 a bushel, although the similiarly-dated wheat contract slipped 0.20% to $5.1075 a bushel.
Three-month LME-traded cocoa futures were also on the up, rising 2.30% to $1,915 per metric tonne.