Producers of metals and other raw materials fell as the dollar hit a more than 52-week high in the wake of strong economic data and hawkish Federal Reserve minutes.
Consumer expenditure, new-home sales and weekly jobless claims data were all surprisingly robust, buoying the greenback to the highest level since July 2020, when foreign-exchange markets were still gripped by risk aversion. Gains for the dollar typically weigh on the prices of precious and industrial metals, which are traded in the reserve currency worldwide.
The strong data also prompted economists at brokerage Jefferies to boost their projection for fourth-quarter gross domestic product growth to 9% from its earlier view of 7%.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-24-21 1633ET
