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...
The US dollar strengthened on Thursday (October 9th), continuing its gains this week, driven by a weaker euro due to the political crisis in Paris and a weaker yen amid a change in the ruling party leadership in Japan. This week's markets were also overshadowed by the prolonged US government shutdown. The euro weakened following the resignation of French Prime Minister Sebastien Lecornu and his government earlier this week. However, President Emmanuel Macron still surprised markets with plans to appoint a new prime minister this week. The single currency last traded 0.2% lower at $1.1609,...
Gold prices held above the $4,000 level on Thursday (October 9th), as investors assessed the Israel-Hamas ceasefire agreement, while broader geopolitical and economic uncertainty and expectations of a US interest rate cut maintained bullish sentiment for the precious metal. Spot gold was steady at $4,035.70 per ounce, as of 08:32 GMT. US gold futures for December delivery fell 0.4% to $4,055.20. Bullion broke through the $4,000 per ounce level for the first time on Wednesday, hitting a record high of $4,059.05. Silver also followed gold's rally, rising 0.7% to $49.21 per ounce, after...
Gold fell slightly after breaking its all-time record above $4,000/oz. At the start of Thursday's Asian session, prices fell ±0.7% to around $4,015 after rising 1.4% the previous day. Technical indicators pointed to overbought conditions for nearly a month, triggering profit-taking after a four-day rally. Some of its safe-haven appeal eased after US President Donald Trump called a Middle East peace deal "very close," with Israeli and Hamas officials signaling positive progress in talks in Egypt. Despite the correction, gold is still up more than 50% year-to-date thanks to global trade...
Oil fell for the first time in five sessions, as traders focused on the prospect of cooling tensions in the Middle East and higher US inventories. West Texas Intermediate fell below $62 a barrel, with Brent crude closing above $66. US President Donald Trump said both Israel and Hamas had agreed to terms for the release of all hostages still held by the militant group in Gaza in a breakthrough in the push to end the two-year war. Elsewhere, US nationwide crude stockpiles expanded for a second week, although they remained near seasonal lows, according to official...
Oil prices edged up about 1% to a one-week high on Wednesday as traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow, while a weekly report showed growing U.S. oil consumption. Brent crude futures rose 80 cents, or 1.2%, to settle at $66.25 a barrel. U.S. West Texas Intermediate (WTI) crude rose 82 cents, or 1.3%, to settle at $62.55. That was the highest close for Brent since September 30 and for WTI since September 29. A top Russian diplomat said the impetus to reach a peace deal with Ukraine was largely exhausted. Analysts have said a...
Gold (XAU/USD) marks another milestone on Wednesday, smashing through the $4,000 level for the first time as investors flock to the precious metal amid global economic and political uncertainty, coupled with a dovish Federal Reserve (Fed) outlook. At the time of writing, XAU/USD is trading around $4,039, hovering below record territory after hitting an all-time high of $4,049 earlier in the day, with prices up more than 4% so far this week. The latest leg higher comes despite a stronger US Dollar (USD) as political turmoil in France and Japan fuels safe haven demand, driving flows into...
The dollar extended its gains for a third day on Wednesday, its longest winning streak since September 19. Most G-10 currencies weakened on the day, with the Canadian dollar outperforming the rest. The Bloomberg Dollar Spot Index rose less than 0.1%, up nearly 0.8% in three days. USD/JPY jumped 0.4% to 152.56, rising for the fifth straight day and posting its longest winning streak since December. EUR/USD fell for a third day to 1.1634, its lowest level in a month. GBP/USD fell for a second day to 1.3409. USD/CAD retreated to 1.3945, falling for the third time in four days. US data on...
Oil prices rose more than 1% on Wednesday (October 8th), boosted by a smaller-than-expected production increase from the OPEC+ producer group next month, although concerns about oversupply limited further gains. Brent crude futures rose 82 cents, or 1.3%, to $66.27 a barrel at 09:45 GMT. U.S. West Texas Intermediate crude rose 85 cents, or 1.4%, to $62.58. Benchmark crude prices were relatively stagnant in the previous session as investors weighed signs of oversupply against a smaller-than-expected November production increase from the Organization of the Petroleum Exporting Countries...
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....