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...
Silver (XAG/USD) price depreciated near $32.20 during the European session on Wednesday. The daily chart analysis suggests a potential shift in momentum from bullish to bearish, as the nine-day Exponential Moving Average (EMA) is aligning with the 14-day EMA. A downside crossover here would signal weakening near-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) is consolidating just below the 50 level, indicating an ongoing bearish bias. However, traders would want to see further moves to get a clear trend direction for the XAG/USD pair. Furthermore, the Moving Average...
The reaction to the US election so far in the FX market has been, as expected, a strong dollar across the board. "There is no major divergence in the performance of G10 currencies, with daily losses totaling around 1.0-1.7% except for the Canadian dollar, which is down less than 1%. This reflects the view that a landslide Republican victory is positive for the US economy and, by extension, Canadian exporters, as well as the fact that the CAD will be less exposed to tariffs in China and geopolitical developments under a new Trump presidency." "The sharp rise and broad sell-off across the...
Gold is being weighed by a stronger U.S. dollar as investors eye the election results, says Phillip Nova's Priyanka Sachdeva in a note. The U.S. dollar gained in early Asian trade as early election results trickled in. No matter whether Trump or Harris wins, gold remains the preferred hedge as the risk is immense and investors will need robust hedges in portfolios, the senior market analyst says. Current gold projections discount easing Fed rates, but inflation is still hovering above the Fed target, she says. There's still a possibility of derailment, especially given Trump's inflationary...
The Japanese yen weakened to around 154 per dollar on Wednesday, hitting its lowest level in 14 weeks as the dollar and US Treasury yields surged after former President Donald Trump took an early lead against Vice President Kamala Harris in the US presidential race. The results have unfolded largely as expected, with the outcome now hinged on seven key swing states. Domestically, minutes from the Bank of Japan's most recent meeting revealed that board members were in broad agreement on continuing to raise interest rates, as inflation and economic conditions align with the central bank's...
Oil slumped as traders monitored the US presidential election, and an industry report signaled a gain in stockpiles. Brent crude fell below $75 a barrel, with West Texas Intermediate near $71. With polls closed in more than two-thirds of states, Donald Trump had taken an early electoral lead over Kamala Harris, although the contest could take days to settle. A gauge of the US dollar advanced, weighing on most commodities. The outcome of the race for the White House carries the potential for significant shifts in US foreign, energy and climates policy. If Trump were to win,...
Gold was steady as investors monitored a tight US election that could prove massively consequential for financial markets. Bullion was near $2,740 an ounce as a gauge of the dollar rose. Given the closeness of the race between Democrat Kamala Harris and Republican Donald Trump, it's possible a final result may not be known for days or even longer, with the uncertainty potentially benefiting the precious metal. Some investors in recent weeks have bet heavily on a Trump victory. Trades tied to his pro-growth agenda have buoyed the dollar, which would typically dent...
Front-month gold futures settle up 0.2% to $2,740.30 an ounce, while SPDR Gold shares are up 0.1%. The moves come as U.S. Presidential candidates entered the day seemingly deadlocked. But, a win by either Harris or Trump isn't expected to alter the trajectory for gold prices much, says Taylor Krystkowiak of Themes ETFs. "The U.S. national debt is expected to rise under either candidate regardless of who ultimately wins," says Krystkowiak. "This has been a significant tailwind for gold in the months leading up to the election." Until the election concludes, volumes are expected to stay...
Gold held steady as US election day begins, with a Federal Reserve interest rate decision also due later this week. Bullion was near $2,740 an ounce, just shy of the all-time high set last week. While prices have been relatively stable so far on Tuesday, previous US elections have seen sharp swings. With polls suggesting a photo-finish result, the risk of a disputed outcome means that the vote count could drag on for days or even weeks. Meanwhile, the Fed and some of its rich-world peers are expected to lower borrowing costs later this week. Lower...
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....