The dollar was trading near 106.17 at the start of Asian trading on July 29. The dollar weakened Thursday as the U.S. economy contracted again in the second quarter, fueling speculation that the Federal Reserve will not raise interest rates as aggressively as previously expected, with gold prices benefiting from a nearly 1.3% gain to the 1750 mark; oil prices were set back by fears that a possible global recession could hit energy demand.

1. Commodity closing, Brent crude oil futures rose $ 0.52 to settle at $ 107.14 per barrel, U.S. crude oil futures fell $ 0.84 to settle at $ 96.42 per barrel; U.S. gold futures rose 1.8% to close at $ 1,750.30 per ounce.

2. U.S. stocks closed, the Dow Jones Industrial Average rose 1.03% to 32,529.63 points; the S&P 500 rose 1.21% to 4,072.43 points; the Nasdaq rose 1.08% to 12,162.59 points.

3. U.S. stocks rallied for a second straight day on Thursday, with all three major stock indexes up more than 1 percent, as data showed the economy shrank for a second straight quarter, sparking speculation among investors that the Federal Reserve may not need to raise interest rates as aggressively as some had feared.

4. Gold rose nearly 1.3% on Thursday.

5. Oil prices were mixed Thursday as concerns that a possible global recession will hit energy demand offset a drop in U.S. crude inventories and a rebound in gasoline consumption.

6. The dollar slipped 0.1% to 106.25 against a basket of major currencies on Thursday; the dollar fell to a six-week low against the yen on Thursday, following the decline in U.S. bond yields after data showed the U.S. economy contracted again in the second quarter, fueling speculation that the Federal Reserve would not be as aggressive in raising interest rates as previously expected.

7. The dollar is on track for its biggest one-day percentage drop against the yen since March 2020.

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