WTI crude oil futures rose above $71 per barrel on Tuesday, rising for the third consecutive session amid thin holiday trading. Traders are awaiting factory survey data from the US and China for insights into the demand outlook from these key consumers. Meanwhile, oil is on track for a modest annual loss of around 0.5% after months of being confined to a narrow trading range. The market is now bracing for a potentially turbulent year ahead, with concerns about a supply glut, geopolitical risks, and the potential impact of the incoming Trump administration on oil policy contributing to...
The dollar was firm on the last trading day of the year, poised to clock strong gains in 2024 against most currencies as investors prepared for fewer U.S. rate cuts and the incoming Trump administration's policies. The dollar's ascent, buoyed by rising Treasury yields, has pushed the yen toward its lowest levels since July, when the Japanese authorities last intervened. On Tuesday, it was at 157.02 per dollar, on course for a 10% drop in 2024, its fourth straight year of decline against the dollar. Japanese markets are closed for the rest of the week, and with most markets closed on...
Gold held above $2,600 per ounce on Tuesday after two sessions of declines, showing little movement over the past week as investors awaited fresh catalysts. Traders are closely monitoring signals about the US economy, President-elect Donald Trump's tariff policies, and the Federal Reserve's monetary policy outlook, all of which could influence gold's trajectory. Resilient labor market data from payroll counts and signs of persistent inflation has recently led FOMC members to project fewer rate cuts next year, which weighed on gold prices in Q4 as the hawkish Fed reduced the appeal of...