The Australian dollar held steady around $0.637 on Tuesday, near its lowest level in a year as investors remained cautious ahead of the U.S. Federal Reserve's upcoming policy decision. The Fed is widely expected to cut interest rates by 25 basis points on Wednesday, but may signal fewer cuts than previously indicated for 2025. At home, a private survey showed Australian consumer confidence fell in December, as sentiment turned more pessimistic about the economic outlook. Additionally, traders are awaiting the Australian government's update on its budget outlook, which is expected to show a...
Gold was steady around $2,650 an ounce on Tuesday ahead of a two-day Federal Reserve meeting, with investors eyeing the central bank's 2025 outlook. The Fed is widely expected to deliver a 25bps interest rate cut, but uncertainty remains about the extent of future easing, especially with the prospect of higher inflation under the incoming Trump administration. Recent data showed that U.S. private sector activity grew at a faster pace in December, suggesting the Fed may limit rate cuts next year, which could dampen demand for the precious metal. However, bullion has gained about 29% this...
Oil prices fell further on Tuesday as Chinese economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. U.S. West Texas Intermediate crude was down 11 cents at $70.60 a barrel by 0409 GMT, while Brent crude was down 6 cents at $73.85 a barrel. Prices were "weighed down by profit-taking after last week's 6% rally and a batch of disappointing Chinese economic data yesterday," said IG market analyst Tony Sycamore. Prices fell from multi-week highs on Monday on unexpectedly weak consumer spending data from China,...