The dollar weakened slightly after hitting a two-week high on Wednesday, fueled by cautious signals from the Federal Reserve regarding the possibility of further interest rate cuts. The US central bank cut interest rates by 25 basis points, as expected, but Fed Chairman Jerome Powell said that further cuts in December were uncertain. This uncertainty arose from the absence of official labor market data during the US government shutdown, which prevented some policymakers from committing to further cuts. According to Thu Lan Nguyen of Commerzbank, the next determining factor will be the...
Oil prices fell on Thursday (October 30th) as investors assessed the potential for a truce in the trade dispute between the United States and China. President Donald Trump lowered tariffs on China after a meeting with President Xi Jinping in South Korea. Brent crude futures fell 53 cents, or 0.82%, to $64.39 per barrel at 09:08 GMT. US West Texas Intermediate crude fell 46 cents, or 0.76%, to $60.02. Trump agreed to reduce tariffs on China from 57% to 47% in a one-year deal in exchange for Beijing continuing purchases of US soybeans, maintaining the flow of rare earth exports, and cracking...
Gold prices jumped 2% on Thursday (December 30th), driven by a weaker dollar following the Fed's interest rate cut and as investors remained uncertain about the outcome of a trade deal between the presidents of the world's two largest economies. Spot gold prices rose 1.9% to $4,004.75 per ounce at 09:18 GMT. US gold futures for December delivery fell 0.4% to $4,018.30 per ounce. "Gold prices appear to be strengthening as investors digest the outcome of the Trump-Xi meeting and the Fed's decision to cut interest rates for the second time this year," said Lukman Otunuga, senior research...