Global stocks fell and long-dated bond yields in Europe hit multiyear highs on Tuesday as investors grew increasingly worried about the state of finances in countries around the world, while the dollar gained, and gold touched a fresh record high. A divided U.S. appeals court ruled on Friday that most of President Donald Trump's tariffs are illegal, although the court allowed for the tariffs to stay in place until October 14 to give the administration a chance to file an appeal with the Supreme Court. U.S. manufacturing also contracted for a sixth straight month in August as factories...
Gold prices after the latest U.S. data showed the labor market bounced back in November. Futures are flat at $2,649 a troy ounce, after rising 0.5% earlier in the session. Fed officials are still expected to cut interest rates by 25 basis points at their next meeting, but the job data could make it easier for them to leave rates on hold if inflation data comes in warmer than anticipated next week. Friday's nonfarm payrolls report "matches the message from some of the alternative indicators suggesting that conditions in the labour market are stabilizing at a healthy level," Capital...
Oil prices fell on Friday, with weak demand in focus after the OPEC+ group delayed a planned increase in supplies and extended deep production cuts until the end of 2026. Brent crude futures were down 20 cents, or 0.3%, at $71.89 a barrel by 0910 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $68.16 a barrel. For the week, Brent was on track to fall 1.5%, while WTI was on track to gain 0.2%. The Organization of the Petroleum Exporting Countries and its allies on Thursday delayed the start of oil output increases by three months to April and extended a full...
The current price action is likely part of a consolidation phase, most likely between 0.6435 and 0.6475. In the longer term, the risks to the AUD have shifted to the downside; the 0.6380 level is expected to provide significant support, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. After the AUD fell to a low of 0.6399 two days ago, we highlighted yesterday that ‘AUD weakness could retest the 0.6400 level before stabilisation is likely.' This should remain below 0.6460, with minor resistance at 0.6445. Our view remains unchanged, as the AUD traded within a 0.6422/0.6455 range,...
Gold (XAU/USD) prices struggled to capitalize on their decent intraday uptick from one-and-a-half-week lows touched early Friday (6/12), albeit managed to hold modest gains through the first half of the European session. The US Treasury bond yields remained depressed amid bets that the Federal Reserve (Fed) will lower borrowing costs in December. This, in turn, pushed the US Dollar (USD) near multi-week lows and acted as a tailwind for the non-yielding yellow metal. Additionally, a slight deterioration in the global risk sentiment, geopolitical tensions, and trade war fears turned out to be...
Silver prices held steady above $31 an ounce on Friday, near a one-month high as traders bet the U.S. Federal Reserve will cut interest rates again this month. The probability of a 25 basis point rate cut in December jumped to about 72%, up from 66% last week. The expectations grew even after Fed Chair Jerome Powell signaled that the central bank was in no rush to cut rates, citing strong growth, a robust labor market and persistent inflation pressures. Additionally, speculation is growing that China could announce more stimulus measures during a key political meeting this month, which...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...