Oil steadied after a decline, with traders looking ahead to an OPEC+ meeting on Thursday that's expected to see the cartel again defer a move revive shuttered capacity in an already well-supplied market. West Texas Intermediate traded near $69 a barrel after sliding by 2% on Wednesday, with Brent crude closing above $72. The Organization of the Petroleum Exporting Countries and its allies are edging closer to agreeing to push back an increase in supply to stave off a glut in 2025. US data on Wednesday painted a mixed picture. While commercial stockpiles shrank by more...
Gold price advances during Wednesday's North American session, sponsored by mixed US economic data. Nevertheless, the non-yielding metal remained slightly subdued as Federal Reserve (Fed) Chair Jerome Powell crossed the wires. The XAU/USD trades at $2,652, up 0.35%. Powell said the US economy is in good shape, adding that September's rate cut was a message to support the labor market. He said that despite showing progress, it's premature to declare victory on inflation, and the US central bank could be cautious in setting monetary policy. Recently, inflation has proved to be stickier than...
The Australian dollar (AUD) remained under selling pressure on Thursday. Disappointing Australian economic data and rising expectations of an early interest rate cut by the Reserve Bank of Australia (RBA) dragged the Aussie lower. Additionally, concerns about potential import tariffs from President-elect Donald Trump may have contributed to the AUD's decline. Traders will be eyeing the US Initial Jobless Claims and the weekly Goods Trade Balance on Thursday for fresh impetus. Any sign of weaker US labor market data could undermine the greenback and help limit losses for the pair. On...