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 weakened on Thursday (October 2), extending their decline into a fourth day on concerns about oversupply in the market. Brent crude futures fell 37 cents, or 0.6%, to $64.98 a barrel at 11:27 GMT. Earlier in the session, prices hit their lowest level since June. U.S. West Texas Intermediate crude fell 36 cents, or 0.6%, to $61.42 a barrel. The U.S. government shutdown raised uncertainty about the global economic outlook, while expectations of increased production by OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, weighed on sentiment,...
Gold held steady near a record high on Thursday (October 2nd), as rising expectations of further US interest rate cuts this year and political uncertainty stemming from the controversial US government shutdown boosted demand for the metal. Spot gold rose 0.2% to $3,865.73 an ounce at 08:10 GMT, down from Wednesday's all-time high of $3,895.09. US gold futures for December delivery fell 0.2% to $3,890.80. The US dollar index weakened slightly, nearing a one-week low reached on Wednesday. Data showed on Wednesday that US private sector jobs fell by 32,000 in September after a downwardly...
Oil prices edged higher on Thursday following losses in the previous three sessions as concerns about more disruption to Russian crude exports lent some support, though concerns about oversupply in the market capped gains. Brent crude futures gained 14 cents, or 0.2%, to $65.49 a barrel at 0749 GMT. U.S. West Texas Intermediate crude climbed by 14 cents, or 0.2%, to $61.92 a barrel. "There is some concern in the market again that Russian oil could get disrupted," said Giovanni Staunovo, commodity analyst at UBS. "But as long as there aren't disruptions yet, the moves are small." The Group...
Silver (XAG/USD) held firm around $47.80/oz during the Asian session on Thursday (October 2), continuing its rally after hitting a new record on Wednesday. The US government shutdown following the Senate's failure to pass a short-term funding bill sparked demand for safe-haven assets, increasing the appeal of the white metal amidst the uncertainty. On the policy front, US Vice President JD Vance warned of potential layoffs if the shutdown continues, which could weaken the labor market and raise expectations of a Fed rate cut. This sentiment was further strengthened after ADP reported that...
The Japanese yen strengthened for the fifth straight day on Thursday, remaining near the two-week high reached the previous day as the US dollar weakened. Markets are increasingly accepting that the Bank of Japan will continue its policy normalization, contrary to speculation that the Fed could cut interest rates two more times this year. This divergence in policy direction has narrowed the US-Japan interest rate differential, providing additional support for the lower-yielding JPY. Meanwhile, the market response to the US government shutdown has been subdued so far, with expectations of a...
The Australian Dollar (AUD) maintains its position against the US Dollar (USD) on Thursday, following the release of Trade Balance data. Additionally, the AUD/USD pair moves little as traders adopt caution after the United States (US) government shut down. Australian Bureau of Statistics reported on Thursday that Australia's Trade Surplus narrowed to 1,825 million month-over-month (MoM) in August, against 6,500 million expected and 7,310 million in the previous reading. Meanwhile, Exports fell by 7.8% MoM in August from 3.3% seen a month earlier as Gold exports declined after a run of...
Gold edges lower in the early morning Asian session on a likely technical correction. Front-month Comex gold futures closed 0.7% higher at $3,867.50/oz on Wednesday, a fresh high. Any declines in gold may be limited by the ADP report released overnight that showed an unexpected fall in U.S. private-sector jobs in September. A series of soft data would bring Fed rate-cut expectations closer, supporting gold's move toward higher psychological levels, says XS.com's Linh Tran in an email. "Gold will continue to grind higher but with intermittent swings around key psychological levels, given...
Oil held a run of losses after US crude inventories expanded for the first time in three weeks, ahead of an OPEC+ meeting on the weekend that will likely lead to the return of more idled supply. West Texas Intermediate traded below $62 after tumbling 6% over the previous three sessions. Brent closed near $65 on Wednesday. US crude stockpiles rose by 1.79 million barrels last week, while gasoline inventories swelled the most since late June, according to Energy Information Administration data. The Organization of the Petroleum Exporting Countries and its allies are expected...
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....