Gold rose near $2,600 per ounce on Monday, rebounding from its biggest weekly drop since 2021, as the rally in the US dollar paused. Latest data in the US showed retail sales rose more than expected in October, underscoring the economy's resilience. Comments from some Federal Reserve officials last week also added uncertainty regarding the timing and extent of potential rate cuts. Still, markets are currently pricing in around 65% chance of a 25bps rate cut in December. Investors are now focused on upcoming remarks from other Fed policymakers this week, seeking clearer guidance on the...
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while U.S. West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%. Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system. In a significant reversal of Washington's...
The Australian Dollar (AUD) came under pressure against the US Dollar (USD) on Monday (11/18). However, the decline in the AUD/USD pair could be limited due to aggressive comments from Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday. Bullock emphasized that interest rates are currently quite tight and will not change until the central bank is confident about the inflation outlook. The yield on the benchmark 10-year Australian government bond eased slightly to around 4.66%, down from a one-year high. Recent data showed a slowdown in employment growth in October, while...