CWG Markets：The US dollar rose on Wednesday driven by strong ADP data, shrugging off the impact of Fitch's downgrade of the US rating

CWG Markets：The US dollar rose on Wednesday driven by strong ADP data, shrugging off the impact of Fitch's downgrade of the US rating

The US dollar rose on Wednesday as investors shrugged off the impact of Fitch's downgrade of the US credit rating. At the same time, data showed that the growth of private employment in the US in July was greater than expected, which also supported the US dollar, indicating the resilience of the labor market and a decline in gold prices; Oil prices fell by 2%, despite a historic decline in US crude oil inventories, traders sought safety amid the impact of Fitch's downgrade of the US credit rating.

Gold prices fell on Wednesday as data showed a higher than expected increase in private employment in the United States in July, the US dollar rose, and bond yields strengthened. Daniel Pavillonis, senior market strategist at RJO Futures, said, Rising interest rates will ultimately put pressure on gold. In addition, we are seeing a stronger US dollar, with gold prices temporarily stuck below $2,000 and above $1,900.