The US dollar held near a three-month high on Monday (November 3rd) ahead of economic data this week that will provide only vague clues about the health of the US economy and could reinforce the Federal Reserve's cautious stance. The Fed cut interest rates by 25 basis points last week, as expected, but Chairman Jerome Powell hinted that it might be the central bank's last cut of the year, citing the risk of taking additional steps without a stronger economic picture. Were it not for the ongoing US government shutdown, this week's scheduled data releases, including US non-farm payrolls,...
Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market weighed down by concerns about oversupply and weak factory data in Asia. Brent crude futures fell 1 cent, or 0.02%, to $64.76 a barrel at 09:59 GMT. U.S. West Texas Intermediate crude fell 3 cents, or 0.05%, to $60.95 The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, collectively known as OPEC+, agreed on Sunday to increase production by 137,000 barrels per day (bpd) in December and to pause increases in the first quarter of next year. Brent and WTI both...
Gold prices held near $4,000 an ounce after a weak start on Monday, as China ended long-standing tax breaks for some retailers. This change could weigh on demand in one of the world's largest precious metals markets. Gold bullion prices for immediate delivery were trading little changed by midday in London, after falling as much as 1% in early trading. Beijing announced on Saturday that it would no longer allow some retailers to fully offset value-added tax when selling gold they purchased from the Shanghai Gold Exchange and the Shanghai Futures Exchange. The news sent Chinese gold jewelry...