The Euro dropped below $1.06, the lowest since October 2023, pressured by a strong dollar following Donald Trump's US election victory. Investors are worried about potential trade tariffs Trump suggested, which could hurt European exports. Reports about Trump's possible administration picks added to fears of policies that might impact Europe's economy. The Euro is also under pressure due to political uncertainty in Germany, set to hold snap elections on Feb. 23 after the collapse of Chancellor Olaf Scholz's governing coalition. Meanwhile, markets adjusted their expectations for European...
Gold prices fell to nearly a two-month low on Tuesday in the face of a stronger dollar, optimism about economic growth under a second Trump administration, and a broader market pivot following the Nov. 5 U.S. presidential election. Spot gold was down 0.7% at $2,600.93 per ounce by 2:23 p.m. EST (1923 GMT), after dropping 1% to hit its lowest level since Sept. 20 at $2,589.59 earlier in the session. U.S. gold futures settled 0.4% lower at $2,606.30. The dollar index's (.DXY), rise to more than four-month high increased the cost of bullion for holders of other currencies, while bitcoin...
WTI crude oil prices edged higher by 0.1% to $68.1 per barrel on Tuesday, after a 5% decline over two sessions. Investors reacted to OPEC's fourth consecutive cut to its 2024 global oil demand forecast and China's economic concerns. China's October data showed the slowest consumer price growth in four months and deeper producer price deflation, raising deflation risks and disappointing investors due to a lack of significant stimulus. Analysts said China's 10-trillion-yuan ($1.4 trillion) debt plan fell short of growth expectations. Meanwhile, U.S. policy may shift towards increased domestic...