Silver (XAG/USD) prices surged nearly 1% to near $31.50 during European trading hours on Monday (03/03). The white metal strengthened as rising Federal Reserve (Fed) dovish bets weighed on the US Dollar (USD). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, extended its decline after a three-day rally and dipped near 107.00. According to the CME FedWatch tool, there is a 77% chance that the Fed will cut its benchmark lending rate in June, up from 63% a week ago. In its March and May policy meetings, the Fed was almost certain to keep rates...
The pound (GBP) traded higher against other major currencies, except the euro, at the start of the week on the back of a potential Russia-Ukraine ceasefire. Over the weekend, United Kingdom (UK) Prime Minister Keir Starmer said European leaders had agreed to present a peace plan to Washington. The meeting between European leaders and Starmer was also attended by Ukrainian President Volodymyr Zelenskyy, which could be a major positive step towards ending the three-year war in Ukraine. Technically, signs of easing geopolitical tensions have boosted demand for riskier assets. In addition,...
Gold (XAU/USD) prices struggled to extend modest intraday gains through the early European session on Monday (03/03), albeit managed to hold above a three-week low touched on Friday. Traders are pricing in the possibility that the Federal Reserve (Fed) will cut interest rates by a quarter percentage point twice by the end of this year amid signs of deteriorating consumer sentiment. This, in turn, failed to help the US Dollar (USD) capitalize on its three-day recovery from over two-month lows touched last week and helped revive demand for the non-yielding yellow metal. Additionally, growing...
Oil edged up on Monday as upbeat manufacturing data from China, the world's biggest crude importer, fueled renewed optimism about fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential U.S. tariffs loomed. Brent crude was up 19 cents, or 0.3%, at $73.00 a barrel by 0720 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, up 19 cents, or 0.3%. Prices rose after official data on Saturday showed Chinese manufacturing activity expanded at the fastest pace in three months in February as new orders and higher purchasing volumes led...