The U.S. dollar drifted lower Thursday on growing expectations of further interest rate cuts by the Federal Reserve this year, while signs of French political accord helped the euro. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 98.342, headed for a weekly decline of 0.3%. More Fed cuts ahead?Market participants are becoming increasingly convinced that the U.S. central bank will follow last month's interest rate cut with more monetary easing as data points to growth slowing in the world's largest...
Gold (XAU/USD) bounced back to $2,670 on Thursday after dropping 3% the previous day as President-elect Donald Trump secured victory in the US presidential election. Gold drops 3.0% as Donald Trump wins election Gold's sharp decline on Wednesday was partly a result of the strengthening US Dollar (USD) due to Trump's dollar-positive economic agenda and preference for pro-tariff protectionism. Since Gold is mostly priced and traded in USD, a stronger Dollar has a direct negative impact on its price. Source: FXStree
Gold steadied after plunging more than 3% in the previous session, with markets weighing the outlook for the US and global economy following Donald Trump's decisive White House victory. Bullion traded near $2,660 an ounce following its biggest one-day fall in five months. That decline was sparked by the dollar surging to a one-year high as Trump won back the presidency in a stunning comeback, which prompted some traders to book profits as fears over a contested result eased. A stronger dollar makes the precious metal more expensive for most buyers. "The move in the US dollar and...
EUR/USD rebounds to near 1.0770 in European trading hours on Thursday. The major currency pair bounces back after posting a more than four-month low below 1.0700 on Wednesday. The recovery comes as the US Dollar (USD) corrects ahead of the Federal Reserve's (Fed) interest rate decision, which will be published at 19:00 GMT. On Wednesday, the USD Index surged more than 1.6% – the highest single-day gain in almost four years – as United States (US) citizens chose Republican Donald Trump in the presidential elections over Democratic candidate Kamala Harris. The reasoning behind the US Dollar's...
Silver (XAG/USD) remained on the back foot through the first half of the European session on Thursday, albeit managed to hold above the $31.00 mark. However, the technical setup seems to be tilted in favor of bearish traders and suggests that the path of least resistance for the white metal remains on the downside. The overnight decline and subsequent weakness below the 50-day Simple Moving Average (SMA) confirmed a short-term rising trend-channel breakout. Further, oscillators on the daily chart have been gaining negative traction and add credence to the near-term negative outlook for...
Gold price (XAU/USD) faced challenges as the dollar-denominated precious metals struggled due to a stronger US Dollar (USD) following the victory of former President Donald Trump in the US election. Gold prices are under pressure as safe-haven flows decline amid market optimism and "Trump trades." This shift is driven by the clarity of a presidential victory, while the market had previously been anticipating a contested outcome. US Federal Reserve's (Fed) policy decision will be eyed on Thursday. Markets expect a modest 25 basis point rate cut this week. This could provide support for Gold...
The Australian Dollar (AUD) strengthened following the release of China's Trade Balance data on Thursday. However, the AUD came under downward pressure against the US Dollar (USD) following the earlier Australian Trade Balance data during Asian hours. Downside risks for the AUD/USD pair seem likely as the US Dollar (USD) may strengthen further on market optimism following former President Donald Trump's victory in the US election. China's trade volume expanded in October, reaching $95.27 billion year-on-year, beating the estimate of $75.1 billion and the previous $81.71 billion. Exports...
Gold (XAU/USD) prices extended its decline for the second straight session on Thursday. The dollar-denominated precious metal faced downside pressure from a stronger US Dollar (USD) following former President Donald Trump's victory in the US elections. Gold prices came under pressure as safe-haven flows declined amid market optimism and the "Trump trade." The shift was driven by the apparent presidential victory, while markets had previously anticipated a disputed outcome. The US Federal Reserve's (Fed) policy decision will be eyed on Thursday. Markets are expecting a 25 basis point...
Oil prices rose on Thursday following a sell-off triggered by the U.S. presidential election, as risks to oil supply from a Trump presidency and a hurricane building in the Gulf Coast outweighed a stronger U.S. dollar and higher inventories. Brent crude oil futures were up 65 cents, or 0.87%, at $75.57 per barrel by 0400 GMT. U.S. West Texas Intermediate (WTI) crude gained 54 cents or 0.75% to $72.23. Concerns around a Trump presidency squeezing oil supply from Iran and Venezuela as well as an approaching storm "more than offset the post-election impact of a stronger U.S. dollar and ......
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
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....