The USD/CHF pair attracts slight bids and rises to near 0.8025 during the European trading session on Friday. The Swiss Franc pair ticks up as the US Dollar (USD) trades marginally higher ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for July, which will be published at 12:30 GMT. During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, edges higher to near 98.00. Investors will pay close attention to the core PCE inflation data – which excludes volatile items such as food and energy – as it...
Gold rose near $2,600 per ounce on Monday, rebounding from its biggest weekly drop since 2021, as the rally in the US dollar paused. Latest data in the US showed retail sales rose more than expected in October, underscoring the economy's resilience. Comments from some Federal Reserve officials last week also added uncertainty regarding the timing and extent of potential rate cuts. Still, markets are currently pricing in around 65% chance of a 25bps rate cut in December. Investors are now focused on upcoming remarks from other Fed policymakers this week, seeking clearer guidance on the...
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. Ueda did not signal a December interest rate hike, which seemed to disappoint investors and weighed on the JPY. Moreover, a generally positive risk tone was seen as another factor that dented demand for the JPY as a safe-haven. However, speculations that the Japanese authorities might intervene in the forex market to support the domestic currency kept JPY bears from placing aggressive bets. This,...
The Australian dollar (AUD) extended its gains for the second straight session on Monday, supported by hawkish comments from Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday. Bullock stressed that interest rates are currently tight enough and will remain unchanged until the central bank is confident about the inflation outlook. The yield on the benchmark 10-year Australian government bond eased slightly to around 4.66%, down from a one-year high. Recent data showed a slowdown in employment growth in October, while the unemployment rate remained stable, highlighting the...
Oil held a weekly decline on concerns over plentiful supply and the outlook for demand in China, the world's biggest crude importer. Brent crude traded below $71 a barrel after falling 3.8% last week, while West Texas Intermediate was near $67. The prospect of a supply glut next year and a stronger dollar has weighed on prices, while monthly figures showed another drop in apparent oil demand in China during October. Oil has swung between gains and losses since mid-October, with hostilities in the Middle East at times raising fears of an escalation and potential disruption to...
Gold rises in the early Asian trade in a likely technical recovery. Gold ended Friday's trading with largest weekly price drop since the Covid lockdown in March 2020. Recently, Fed Chair Jerome Powell emphasized there's no hurry to cut rates, pointing to U.S. economy's "notable" performance, says Pepperstone's Quasar Elizundia in an email. The shift in Fed rate-cut expectations and U.S. dollar strength have pressured the precious metal, the research strategist adds. Spot gold is 0.4% higher at $2,572.17/oz. Source: Marketwatch
Oil futures settled at their lowest in over two months Friday with expectations for a supply surplus next year, strength in the U.S. dollar, and continued worries over demand from China - the world's largest crude importer - prompting prices to post a loss for the week. West Texas Intermediate crude for December delivery fell $1.68, or nearly 2.5%, to settle at $67.02 a barrel on the New York Mercantile Exchange. Prices based on the front month contract settled at their lowest since Sept. 10 and logged a weekly fall of 4.8%, according to Dow Jones Market Data. January Brent crude, the...
Gold edged lower mid-afternoon on Friday following five losing sessions as the dollar eased and U.S. October retail sales came in higher-than-expected. Gold for December delivery was last seen down US$2.90 to US$2,570.00 per ounce. The dollar eased off a two-year high early, with the ICE dollar index last seen down 0.07points to 106.6. The rise comes as the U.S. Department of Commerce reported retail sales rose 0.4% in October, matching the September rise but ahead of the consensus estimate for a 0.3% increase. The rise showed the U.S. economy remains solid, with Federal Reserve chair...
The U.S. dollar was set for its biggest weekly gain in over a month on Friday, as markets reassessed expectations of future interest rate cuts and with the view that President-elect Donald Trump's policies could stoke inflation. The dollar has benefited from market expectation that Trump administration policies, including tariffs and tax cuts, could stoke inflation, leaving the Federal Reserve less room to cut interest rates. Fed Chairman Jerome Powell said on Thursday the U.S. central bank did not need to rush to lower interest rates, prompting traders to axe their more aggressive bets on...
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....