The US dollar weakened on Thursday (November 13th) as risk appetite improved after the US federal government reopened after a 43-day shutdown, while recent gains driven by declining interest rate cut expectations continued to fade. The US government is scheduled to reopen on Thursday after its longest-ever shutdown, which disrupted air traffic, cut food aid for low-income Americans, and left more than 1 million workers without pay for more than a month. "Risk has responded positively to the shutdown news, and the dollar has been a bit bid," said Sarah Ying, chief FX strategist at CIBC...
Oil prices recovered from a sharp decline as traders weighed the prospect of a record surplus against the supply risks posed by U.S. sanctions. West Texas Intermediate crude traded near $59 a barrel after falling nearly 4.2% on Wednesday, its biggest drop since June, while Brent crude hovered above $63. The International Energy Agency (IEA) signaled a worsening outlook for the sixth straight month, with a report on Thursday stating that supply would exceed demand by just over four million barrels per day next year. Producer group OPEC—which has been restoring idled capacity this year—said...
Gold prices rose to a more than three-week high on Thursday (November 13), supported by expectations that the release of economic data following the reopening of the US government could strengthen the case for a Fed rate cut next month. Spot gold rose 0.2% to $4,206.64 an ounce at 11:03 a.m. EST (1603 GMT), its highest price since October 21. US gold futures for December delivery fell 0.1% to $4,211.50 an ounce. Traders expect economic data released after the shutdown will reveal a weakening US labor market and encourage the Fed to deliver at least one interest rate cut in December, said...