Economic activity expanded at a moderate pace across most of the U.S. this spring, driven in part by a pickup in manufacturing activity despite trade tensions, according to a Federal Reserve report released Wednesday.
Gold settles higher as a recovering euro dents the dollar index, then prices move slightly lower in electronic trading shortly after the release of the U.S. Federal Reserve’s Beige Book, a snapshot of domestic economic activity.
The U.S. dollar edges slightly higher against its main rivals on Wednesday as the British pound falls from a new post-Brexit high on disappointing inflation data, and the Canadian dollar slips as the Bank of Canada left rates unchanged.
Employers across the U.S. said wage growth picked up since the beginning of the year, according to a Federal Reserve report released Wednesday, signaling the tight labor market may be forcing employers to beef up paychecks to compete for workers.
Gold ends firmly lower Wednesday, giving back roughly half of what it gained a day earlier, pressured by upbeat February data on U.S. private sector jobs as the dollar tried to rebound from a decline in the previous session.
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The Beige Book reports on current economic conditions and is published by the Federal Reserve Board eight times each year. The report is released two Wednesdays before each FOMC meeting at 2.15pm EST.