Gold prices finally rebounded after two consecutive days of pressure. This slight increase occurred as market participants began to reconsider the chances of an interest rate cut by the Federal Reserve next month. Previously, market sentiment had been hit by weakening expectations that the Fed would soon lower borrowing costs. In recent days, several Fed officials have expressed a cautious outlook. They believe that inflation could slow for longer or stall again, making an interest rate cut imminent. Some officials, such as Jeff Schmid and Susan Collins, have even openly rejected a December...
Oil dropped following signs that activity had resumed at the key Russian port of Novorossiysk on the Black Sea, after a Ukrainian strike last week led to some damage and a suspension of operations. Brent slipped below $64 a barrel after closing more than 2% higher on Friday following the attack, and West Texas Intermediate fell toward $59. Two tankers moored on Sunday at Novorossiysk, indicating operational activity at the terminals, while Reuters reported that crude loading had resumed. The attack on the Russian port, along with Iran's seizure of a...
The Australian dollar fell to around $0.652 on Monday (November 17) after the US dollar strengthened sharply. The greenback's strengthening occurred because several Fed officials began to doubt the need for a December interest rate cut, with some even rejecting the possibility outright. The market, which previously estimated a 25 bps cut at nearly 88%, has now lowered it to around 46%. This global sentiment has also put pressure on the AUD. Domestically, Australian investors have also begun to lower their expectations for interest rate easing by the RBA. Stronger-than-expected employment...