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...
Oil prices plummeted on Wednesday (October 15th), holding near five-month lows for a second day, pressured by escalating US-China trade tensions and the International Energy Agency's (IEA) prediction of a supply surplus by 2026. Brent crude fell 23 cents, or 0.4%, to $62.16 a barrel at 11:11 a.m. EDT (15:11 GMT). U.S. West Texas Intermediate crude fell 14 cents, or 0.2%, to $58.56. Both benchmarks were heading for their lowest close since May 7 for the second straight day. Bank of America said Brent could fall below $50 a barrel if US-China trade tensions escalate while OPEC+ production...
Gold retains bullish bias amid economic risks, dovish Fed, weaker USDUS President Donald Trump threatened on Tuesday to terminate trade with China in cooking oil and other products in response to the latter's decision not to purchase US soybeans. China also announced new special port fees for US ships arriving in Chinese ports and enhanced restrictions on the export of rare earths. This marks a significant escalation of the trade war between the world's two largest economies. Adding to this, geopolitical risks and concerns that the US government could affect the economic performance drive...
The U.S. currency slipped lower following a speech by Jerome Powell on Tuesday, in which the Federal Reserve chair left the door open to further rate cuts by saying the U.S. labor market remained in the doldrums. Markets are currently priced for a quarter-point cut at the October 28-29 Fed gathering and another at the following meeting in December, followed by three more cuts next year, according to LSEG data. "Risk sentiment improved throughout Tuesday – boosted by strong U.S. bank earnings – before Powell's speech added dovish-sounding headlines: slower payrolls, tolerable inflation, and...
Silver climbed back above $52 per ounce on Wednesday, holding close to record highs hit in the prior session as a global supply crunch fueled a historic rally. Tightness was most acute in the London market, where a short squeeze sent lease rates surging over 30% on Friday, driving rollover costs for short positions to unsustainable levels. Demand from India has further strained supply, prompting several mutual fund houses to suspend inflows into their silver ETF fund-of-fund schemes. Meanwhile, dovish remarks from Fed Chair Powell, who pointed to labor market weakness, strengthened bets on...
The Australian dollar strengthened against the US dollar on Wednesday, recouping the previous session's losses. This boost came from comments by RBA Assistant Governor Sarah Hunter: recent data appeared slightly stronger than expected, Q3 inflation is likely higher, the labor market and economic conditions could be tighter than assumed, and the board is prepared to adjust policy accordingly—although she acknowledged consumer momentum could weaken in Q3. The AUD's movement was also influenced by China's inflation release: September CPI -0.3% YoY (expected -0.1%; August -0.4%) with monthly...
Oil prices stabilized after hitting a 5-month low. WTI hovered near $59/barrel and Brent around $62, indicating the market remains hesitant after the previous sharp decline. The IEA predicts an unprecedented oversupply: by 2026, global supply could exceed demand by ~4 million barrels per day. This glut outlook weighed on sentiment, and some Wall Street banks see a return to the $50s. On the geopolitical front, US–China tensions have flared again: Beijing imposed sanctions on the US unit of a Korean shipping giant, sparking fears of retaliation. However, USTR Jamieson Greer believes export...
Gold is moving toward a record high, supported by two factors: expectations that the Fed will cut interest rates again this year and the escalation of US-China relations. Spot prices briefly reached a new peak of $4,179.70/oz and were last trading around $4,165/oz, after closing up 0.8% the previous session. US Treasury yields fell to their lowest level in weeks after Fed Chairman Jerome Powell signaled a quarter-point rate cut this month. Lower yields make non-coupon gold relatively more attractive. Silver also experienced a wild ride: it briefly broke a record above $53.54/oz before...
Oil prices fell on Tuesday (October 14th), closing 1.5% lower as the International Energy Agency (IEA) warned of a large oversupply by 2026, and due to ongoing trade tensions between the US and China, the world's two largest economies. Brent crude futures fell 93 cents, or 1.5%, to $62.39 a barrel. US West Texas Intermediate crude fell 1.3%, or 79 cents, to $58.70. Both contracts are at their lowest levels in five months. In the previous session, Brent closed 0.9% higher, and US WTI closed up 1%. The global oil market faces a larger surplus next year, as OPEC+ producers and their...
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....