The Pound Sterling (GBP) is likely to trade in a range, probably between 1.2890 and 1.2980. In the longer run, GBP must break and remain below 1.2845 before a sustained decline can be expected, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note. 24-HOUR VIEW: "After GBP dropped sharply last Thursday, we highlighted on Friday that ‘The sharp drop appears to be overdone, and GBP is unlikely to weaken further.' We held the view that GBP ‘is more likely to trade in a range, probably between 1.2860 and 1.2950.' GBP did not weaken further, but instead of trading in a range, it rose to...
Gold edged lower midafternoon as traders turn cautious with the dollar and yields falling ahead of tomorrow's U.S. presidential election and this week's interest-rate decision from the Federal Reserve. Gold for December delivery was last seen down US$3.00 to US$2,746.20 per ounce. The rise comes ahead of Tuesday's U.S. election, with polls showing a tight race between Donald Trump and Kamala Harris, as the two candidates offer much different economic policies. Harris is expected to continue much of the Biden Administration's policies while Trump plans blanket tariffs on imports. A...
Oil futures finished sharply higher Monday after members of OPEC+ - made up of the Organization of the Petroleum Exporting Countries and its allies - said they would wait yet another month before beginning to unwind 2.2 million barrels a day in production cuts. Natural-gas prices, meanwhile, posted a gain of more than 4%, buoyed by an intensifying weather system, currently referred to as Tropical Depression 18, that may be heading to the Gulf of Mexico, putting oil-and-gas infrastructure at risk. West Texas Intermediate crude CL00 for December delivery CL.1 CLZ24 rose $1.98, or nearly...