Oil prices slid for a third day in a row to a 16-week low on Wednesday as a U.S. government shutdown fed worries about the global economy, while traders expected more oil supply to come on the market with a planned output boost by OPEC+ next month. Brent crude futures fell 64 cents, or 1.0%, to $65.39 a barrel at 1:03 p.m. EDT (1703 GMT), while U.S. West Texas Intermediate (WTI) crude fell 55 cents, or 0.9%, to $61.82. That put Brent on track for its lowest settlement since June 5, while WTI was headed for its lowest close since May 30. U.S. oil production growth will stall if prices stay...
USD/CHF continues to trudge its way through familiar technical territory, with price action holding stubbornly just south of the 0.8000 major handle. The Swiss National Bank (SNB) continues to fight back against market expectations of a return to negative interest rates, with Swiss inflation already riding too close to zero to allow the SNB to make sharp policy moves. The US federal government has hit a slight policy snag after Congress failed to pass an interim budget spending bill that would finance government operations at the start of the federal government's fiscal year, which begins...
The British Pound (GBP) advances sharply against the US Dollar (USD) on Wednesday, with GBP/USD climbing to a one-week high, reaching its strongest level since September 24, as the Greenback remains under broad pressure amid a weaker-than-expected ADP Employment Change report, the ongoing United States (US) government shutdown, and mounting bets on further Federal Reserve (Fed) interest rate cuts. At the time of writing, GBP/USD is trading around 1.3512, extending its winning streak for a fourth day with a gain of 0.50%. Meanwhile, the US Dollar Index (DXY), which measures the Greenback's...