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...
Gold rose for a fourth day after a key U.S. inflation report bolstered expectations for a Federal Reserve rate cut when policymakers meet next week. Bullion traded above $2,720 an ounce — near its highest in more than two weeks — after consumer price index data on Wednesday rose in line with expectations. The report reinforced bets for a 25-basis-point cut at the Fed's final meeting of the year, with swaps traders now largely pricing in the move. Lower borrowing costs typically help bullion, as it pays no interest. Gold has risen by almost a third this year, hitting a string of records and...
GBP/USD moved swiftly on Wednesday, moving closer to 1.2750 after the US Consumer Price Index (CPI) figures for November broadly met market expectations. The rest of the week remains on the UK side of the economic calendar, with Cable traders facing the US Producer Price Index (PPI) figures on Thursday. US CPI inflation rose slightly for the year ended in November with headline CPI inflation rising to 2.7% YoY from 2.6%, while core CPI inflation held steady at 3.3% YoY. Monthly headline CPI inflation also rose in November, rising to 0.3% MoM from 0.2% in October. Despite the overall rise in...
West Texas Intermediate (WTI) crude oil rose on Wednesday as China's decision on Monday to loosen monetary policy continues to support the commodity, while OPEC lowered its demand forecast for this year and next and a report showed a drop in U.S. inventories. WTI crude for January delivery closed up US$1.70 to settle at US$70.29 per barrel, while February Brent crude was last seen up US$1.25 to US$73.44. In its Monthly Oil Market Report released on Wednesday OPEC again lowered its demand-growth forecast for 2024 and 2025 demand. The cartel trimmed its outlook for this year by 210,000...
Oil rose ahead of key US inflation data and a monthly report from OPEC that will provide a snapshot on the market. Brent increased near $73 a barrel after a slight gain on Tuesday, while West Texas Intermediate traded above $69. Consumer price index figures for November are due later Wednesday and will provide clues on the path forward for monetary policy ahead of the Federal Reserve's meeting next week. Meanwhile, the Biden administration is considering new sanctions on Russia's oil trade, a move that could tighten the market and drive up prices. Details of...
Gold Futures Rise as Markets Await US CPI Data Gold futures rose 0.3% to $2,725.60 a troy ounce ahead of key US economic data. Investors are positioning themselves ahead of the release of Consumer Price Index data on Wednesday, ANZ Research analysts said in a note. The figures are expected to confirm the Federal Reserve's decision on a December interest rate cut, ANZ said. While markets are pricing in about a 90% chance of a rate cut, signs from the CPI data that shake that belief could be a drag on non-yielding bullion. The precious metal is also supported by safe-haven demand amid...
The dollar strengthened against European currencies on Wednesday ahead of a highly anticipated reading on U.S. inflation, also boosted by a Reuters report that China is considering allowing a weaker currency next year, which has caused the yuan and other Asian currencies to weaken The euro was last down 0.18% at $1.0508, a day before a European Central Bank meeting, and the pound fell 0.16% to $1.2752 as traders awaited U.S. CPI data, due at 1330 GMT. Economists expect headline and core consumer prices to rise 0.3% in November from previous increases of 0.2% and 0.3%,...
Gold fluctuated around $2,690 per ounce on Wednesday, halting a two-day rally, as investors repositioned ahead of key US inflation data due later in the day. This data is crucial, as it could either strengthen or weaken the likelihood of a third Federal Reserve rate cut next week. A rate cut would support gold by lowering the opportunity cost of holding non-yielding assets. Despite the pause, gold remained near two-week highs, underpinned by expectations of loose monetary policies from other major central banks and increased demand for safe-haven assets. The ECB, SNB, and BoC are all...
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....