The U.S. dollar weakened slightly on Thursday ahead of the release of more important labor market data, while the euro gained a bit despite political turmoil in France. At 5:20 AM ET (10:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% lower at 106.180. The dollar has given back some of its recent gains after private monthly payrolls grew more slowly than expected while service sector activity slowed in November after posting gains in recent months. Federal Reserve Chairman Jerome Powell has indicated that the U.S. economy is...
Gold traded lower mid-afternoon on Thursday, moving down even as the dollar weakened following an unexpected jump in U.S. initial jobless claims last week. Gold for February delivery was last seen down US$28.10 to US$2,648.10 per ounce. The U.S. Department of Labor reported 224,000 initial jobless claims were made last week, above the consensus estimate and prior week level of 215,000, according to Marketwatch. The results follows on a weaker than expected rise in private sector employment in November, with the ADP Employment Report released Wednesday showing a rise of 146,000 positions,...
Oil prices fell on Thursday as investors weighed an ample supply outlook for next year against OPEC+ delaying its planned output increase by three months to April 2025. Brent crude settled down 22 cents, or 0.3%, at $72.09 a barrel, while U.S. West Texas Intermediate (WTI) settled down 24 cents, or 0.35%, at $68.30 a barrel. OPEC+, the Organization of the Petroleum Exporting Countries plus allies including Russia, had been planning to start unwinding cuts from October 2024, but slowing global demand and booming production outside of the group forced it to postpone the plans on several...