The US Dollar Index (DXY) rose slightly on Monday, continuing to battle the 108.00 handle as investor confidence took a step back to kick off the holiday trading week. The DXY is still holding onto territory near recent highs, with the Greenback index closing in the green for all but three of the last 11 trading sessions. Monday's gain of around one quarter of one percent leaves bids on the high end of last week's late pullback, but price action is still capped below that Friday's peak of 108.50.(Cay) Newsmaker23 Source: Fxstreet
Gold rose above $2,610 per ounce on Tuesday amid subdued holiday-season trading. Investors continued to assess the Federal Reserve's outlook for next year, factoring in a slower pace of rate hikes in 2025 after the Fed signaled fewer reductions. However, this view was challenged by softer-than-expected US PCE inflation, suggesting the possibility of more rate cuts, which benefits a non-yielding gold. Meanwhile, the World Gold Council reported strong central bank demand, reinforcing gold's status as a safe-haven asset, with central banks as net buyers for over 15 years. The metal is on...
WTI crude oil futures climbed to around $69.5 per barrel on Tuesday, reversing losses from the previous session amid thin pre-holiday trading. Oil found support after fresh US data indicated that the economy of the key consumer remained strong heading into the year-end. Additionally, India's crude oil imports increased 2.6% year-on-year to 19.07 million metric tons in November, driven by strong demand amid rising economic and travel activity. However, concerns about potential oversupply next year kept prices under pressure. European supply fears also eased after reports that the Druzhba...