The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve interest rate cut. Labor Department data showed that nonfarm payrolls increased by only 22,000 jobs last month, far short of the 75,000 positions estimated by economists polled by Reuters. The dollar fell across the board following the report. It weakened 0.70% to 147.44 against the Japanese yen , but was still on track for the second straight week...
The dollar strengthened on Tuesday ahead of an expected interest rate cut in the United States, as traders grew more confident that the Federal Reserve will gradually lower borrowing costs next year. The euro, which is set to lose nearly 5% against the dollar this year, was trading at $1.04823 ahead of the Fed decision. The gap between U.S. and German 10-year yields is 216 basis points, near its widest in five years, after rising nearly 70 basis points in three months, further weighing on the euro. The Fed hands down its interest rate decision on Wednesday and interest rate futures imply...
Gold prices slide ahead of the Federal Reserve's policy meeting, with traders cautiously waiting for cues on the U.S. central bank's outlook for 2025. Futures trade 0.4% lower at $2,652.75 a troy ounce. A widely anticipated 25-basis-point rate cut is already fully priced into markets, according to analysts, but further cuts are less certain. Meanwhile, U.S. PMI data showed the services sector rose at a faster-than-expected pace. "The resilience of the U.S. economy supports our view that the Fed's 2025 rate cutting cycle is likely to be shallow," ANZ Research analysts say. "We expect a...
Oil prices nudged lower on Tuesday as China's economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. U.S. West Texas Intermediate crude was down 11 cents at $70.60 a barrel at 0802 GMT, while Brent crude futures eased 2 cents to $73.89 a barrel. Prices were "weighed on by profit-taking after last week's 6% rally and a batch of disappointing Chinese economic data yesterday," IG market analyst Tony Sycamore said. On Monday, prices fell from multi-week highs on unexpected weakness in consumer spending data from...
The Japanese Yen (JPY) continues to struggle to attract meaningful buyers and held near a three-week low against its US counterpart heading into the European session on Tuesday. Firming expectations that the Bank of Japan (BOJ) will keep short-term interest rates unchanged later this week, coupled with a positive risk tone, continued to undermine the JPY's safe-haven appeal. Moreover, bets for a less dovish Federal Reserve (Fed) continued to support a pickup in the US Treasury bond yields, which turned out to be another factor weighing on the lower-yielding JPY. However, JPY market players...
Silver held below $30.5 an ounce on Tuesday (12/17) after facing heavy selling pressure in recent sessions, weighed down by concerns about a more measured pace of easing from the U.S. Federal Reserve next year. The Fed is widely expected to deliver a 25 basis point interest rate cut this week, but may signal fewer cuts for 2025 amid concerns about a potential resurgence in inflation. Silver and other metals are also facing pressure from ongoing demand uncertainty in China, the world's largest consumer of the metal. Earlier this week, data showed that China's retail sales growth slowed more...
Oil prices fell further on Tuesday as Chinese economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. U.S. West Texas Intermediate crude was down 11 cents at $70.60 a barrel by 0409 GMT, while Brent crude was down 6 cents at $73.85 a barrel. Prices were "weighed down by profit-taking after last week's 6% rally and a batch of disappointing Chinese economic data yesterday," said IG market analyst Tony Sycamore. Prices fell from multi-week highs on Monday on unexpectedly weak consumer spending data from China,...
Gold was steady around $2,650 an ounce on Tuesday ahead of a two-day Federal Reserve meeting, with investors eyeing the central bank's 2025 outlook. The Fed is widely expected to deliver a 25bps interest rate cut, but uncertainty remains about the extent of future easing, especially with the prospect of higher inflation under the incoming Trump administration. Recent data showed that U.S. private sector activity grew at a faster pace in December, suggesting the Fed may limit rate cuts next year, which could dampen demand for the precious metal. However, bullion has gained about 29% this...
The Australian dollar held steady around $0.637 on Tuesday, near its lowest level in a year as investors remained cautious ahead of the U.S. Federal Reserve's upcoming policy decision. The Fed is widely expected to cut interest rates by 25 basis points on Wednesday, but may signal fewer cuts than previously indicated for 2025. At home, a private survey showed Australian consumer confidence fell in December, as sentiment turned more pessimistic about the economic outlook. Additionally, traders are awaiting the Australian government's update on its budget outlook, which is expected to show a...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....