Markets are kicking around the idea of a Federal Reserve rate cut in September, but Morgan Stanley isn't sure, warning that the odds may be closer to 50-50 despite widespread expectations. Strong economic indicators including solid GDP growth, healthy financial conditions, and low volatility stand in the way of a clear case for easing, the bank said in a recent report. Nominal GDP growth remains robust at over 5%, unemployment holds steady at 4.2%, and retail sales continue surpassing expectations, reflecting an economy far from needing stimulus, Morgan Stanley's economists said. "It cannot...
Gold price (XAU/USD) edges lower to around $2,645 during the early Asian session on Monday. A recovery in the US Dollar broadly weighs on the precious metal. However, persistent geopolitical tensions could cap the downside for XAU/USD. The yellow metal declined 3% in November, its worst monthly loss since September 2023. A victory of Donald Trump in the US Presidential election in November fuelled expectations that the Federal Reserve (Fed) would adopt a cautious approach to further rate cuts, which boost the Greenback and drag the USD-denominated Gold lower. Nonetheless, the escalating...
Gold braces for worst month in over a year on Trump-driven sell-off.Gold prices gained on Friday, boosted by a drop in dollar and persistent geopolitical tensions, but bullion was still set for its worst monthly loss since September last year after a post-election sell-off driven by Donald Trump's win. Spot gold rose 0.7% to $2,660.28 per ounce, but was set for a weekly fall of over 2% after a sharp decline earlier this week. U.S. gold futures also gained 0.7% to $2,684.9. Gold has dropped over 3% so far this month, its worst monthly slide since September 2023, as "Trump euphoria" lifted...
Gold prices gained about 1% on Friday, supported by a weaker greenback and geopolitical woes, but were on course for their worst monthly performance since September 2023 due to a dollar rally this month following Donald Trump's U.S. election victory. Spot gold climbed 0.9% to $2,664.11 per ounce, as of 1001 GMT, but set for a weekly fall of about 2% after a sharp sell-off earlier this week. U.S. gold futures also gained 0.9% to $2,664.50. Bullion has declined more than 3% so far in November, its worst monthly performance since September 2023, as traders expect the prospect of higher...
Oil edged lower as traders watched for any further clues to OPEC+'s production plans after it delayed a key virtual meeting by four days. Brent crude traded near $73 a barrel following a modest gain on Thursday. The producer group faces a decision on whether to start reviving curtailed production when a supply glut is expected next year. An online gathering is now schedule for Dec. 5, but OPEC+ delegates already said earlier this week that talks have begun on once again delaying restoring output. Crude has traded in a tight range since the middle of October, flipping...
The yen jumped more than 1% against the U.S. dollar to a six-week high on Friday after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month. The dollar sagged against its peers in trading thinned by the U.S. Thanksgiving holiday. "The yen is turning into the latest momentum trade ... with little friction to prevent it rising in thin holiday trade," said Matt Simpson, senior market analyst at City Index. The dollar was down 1.05% to 149.93 yen as of 0915 GMT, and earlier dipped to 149.53 yen for the first time since Oct. 21. The dollar...
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...