Oil held a weekly decline on concerns over plentiful supply and the outlook for demand in China, the world's biggest crude importer. Brent crude traded below $71 a barrel after falling 3.8% last week, while West Texas Intermediate was near $67. The prospect of a supply glut next year and a stronger dollar has weighed on prices, while monthly figures showed another drop in apparent oil demand in China during October. Oil has swung between gains and losses since mid-October, with hostilities in the Middle East at times raising fears of an escalation and potential disruption to...
The Australian dollar (AUD) extended its gains for the second straight session on Monday, supported by hawkish comments from Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday. Bullock stressed that interest rates are currently tight enough and will remain unchanged until the central bank is confident about the inflation outlook. The yield on the benchmark 10-year Australian government bond eased slightly to around 4.66%, down from a one-year high. Recent data showed a slowdown in employment growth in October, while the unemployment rate remained stable, highlighting the...
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. Ueda did not signal a December interest rate hike, which seemed to disappoint investors and weighed on the JPY. Moreover, a generally positive risk tone was seen as another factor that dented demand for the JPY as a safe-haven. However, speculations that the Japanese authorities might intervene in the forex market to support the domestic currency kept JPY bears from placing aggressive bets. This,...
Gold rose near $2,600 per ounce on Monday, rebounding from its biggest weekly drop since 2021, as the rally in the US dollar paused. Latest data in the US showed retail sales rose more than expected in October, underscoring the economy's resilience. Comments from some Federal Reserve officials last week also added uncertainty regarding the timing and extent of potential rate cuts. Still, markets are currently pricing in around 65% chance of a 25bps rate cut in December. Investors are now focused on upcoming remarks from other Fed policymakers this week, seeking clearer guidance on the...
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while U.S. West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%. Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system. In a significant reversal of Washington's...