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 prices are flat in early Asian trade on cautious mood ahead of the U.S. election later today and the Fed's rate decision this week, ANZ Research analysts say. Latest polls suggest a possible Harris win will weigh on the dollar and provide some support for the precious metal, they say. Meanwhile, the Fed is widely expected to lower rates when it meets later this week. Citi analysts point out that gold has historically unperformed following the U.S. elections due to fading hedging demand. However, Citi believes "the structural gold bull market remains intact and recommend buying into...
Oil futures finished sharply higher Monday after members of OPEC+ - made up of the Organization of the Petroleum Exporting Countries and its allies - said they would wait yet another month before beginning to unwind 2.2 million barrels a day in production cuts. Natural-gas prices, meanwhile, posted a gain of more than 4%, buoyed by an intensifying weather system, currently referred to as Tropical Depression 18, that may be heading to the Gulf of Mexico, putting oil-and-gas infrastructure at risk. West Texas Intermediate crude CL00 for December delivery CL.1 CLZ24 rose $1.98, or nearly...
Gold edged lower midafternoon as traders turn cautious with the dollar and yields falling ahead of tomorrow's U.S. presidential election and this week's interest-rate decision from the Federal Reserve. Gold for December delivery was last seen down US$3.00 to US$2,746.20 per ounce. The rise comes ahead of Tuesday's U.S. election, with polls showing a tight race between Donald Trump and Kamala Harris, as the two candidates offer much different economic policies. Harris is expected to continue much of the Biden Administration's policies while Trump plans blanket tariffs on imports. A...
The Pound Sterling (GBP) is likely to trade in a range, probably between 1.2890 and 1.2980. In the longer run, GBP must break and remain below 1.2845 before a sustained decline can be expected, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note. 24-HOUR VIEW: "After GBP dropped sharply last Thursday, we highlighted on Friday that ‘The sharp drop appears to be overdone, and GBP is unlikely to weaken further.' We held the view that GBP ‘is more likely to trade in a range, probably between 1.2860 and 1.2950.' GBP did not weaken further, but instead of trading in a range, it rose to...
Gold is edging lower in early European trade as markets exercise caution ahead of a busy week between the U.S. presidential election and the Federal Reserve's monetary policy decision. Futures trade 0.2% lower at $2,743.00 a troy ounce, but are still up nearly 3% on the month and more than 30% year-to-date. Uncertainty around the election outcome--with the latest opinion polls showing a neck-and-neck race between Vice President Harris and former President Trump--has stoked demand for the safe-haven asset in recent days. Meanwhile, traders expect the Fed to cut rates by 25 basis points,...
Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East. Brent rose as much as 2.5% to more than $74 a barrel, while West Texas Intermediate climbed above $71. Saudi Arabia and its allies delayed a series of monthly output hikes until early next year, a move anticipated by many traders amid fragile market conditions. Meanwhile, Iran escalated its rhetoric against Israel with supreme leader Ayatollah Ali Khamenei warning of a "crushing response" in a speech on Saturday. The Wall...
The rise in silver prices could be attributed to a weaker US Dollar (USD) amid lower Treasury yields. A weaker dollar generally boosts demand for dollar-denominated commodities like silver, making it more attractive to buyers using other currencies. The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of six major currencies, was trading around 103.80 with the 2-year and 10-year US Treasury yields at 4.17% and 4.31%, respectively, at the time of writing. Silver prices may remain volatile as traders also brace for the upcoming monetary policy decision from...
EUR/USD surged around the key resistance of 1.0900 during the European session on Monday. The major currency pair surged as the US dollar (USD) slumped amid rising uncertainty ahead of the US presidential election on Tuesday and the Federal Reserve's (Fed) monetary policy meeting on Thursday. The US dollar started the week on a bearish note, with the US Dollar Index (DXY) falling below 103.70 as market participants expected a tight race between former President Donald Trump and current Vice President Kamala Harris. The sharp sell-off in the US dollar came after the release of the Des...
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....