The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, faced a significant shift in its trading regime this week. The index was trading near 104.00 at the time of writing on Thursday (06/03). Several banks and traders reported that large clients were repatriating their offshore US Dollar-denominated investments back into their domestic currencies. This may mean that those volumes will not return anytime soon, the FT reported. The repatriation comes after weak US economic data that has left markets worried about the potential...
Gold prices fell about 1% on Thursday as investors booked profits after a three-day rally, with markets eyeing US jobs data for clues on the Federal Reserve's interest rate path amid rising global trade tensions. Spot gold, which was down 0.5% at $2,904.51 an ounce by 1211 GMT, has gained more than 10% this year. It hit a record high of $2,956.15 on Feb. 24. US gold futures also fell 0.5% to $2,912.10. "Gold appears to be seeing some profit-taking as investors watch tariff developments with prices trading near $2,900 ahead of the nonfarm payrolls report," said Lukman Otunuga, senior...
The US Dollar Index (DXY) is extending its losing streak on Thursday as fresh labor market and trade data put additional pressure on the Greenback. Job cuts surged dramatically, while weekly jobless claims showed a mixed picture of the labor market. Meanwhile, the European Central Bank (ECB) delivered a widely anticipated rate cut, with President Christine Lagarde emphasizing the need for heightened vigilance in uncertain economic conditions.US Dollar down after an additional round of soft labor data, ECBThe latest Challenger Job Cuts report for February revealed a sharp rise in layoffs,...
Oil was largely steady in choppy trade on Thursday with global benchmark Brent still below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and OPEC+ plans to raise output. Brent futures were up 8 cents, or 0.1%, at $69.38 a barrel by 1:40 p.m. ET (1840 GMT), while U.S. West Texas Intermediate crude futures eased 6 cents, or 0.1%, to $66.24. Brent hit $68.33 on Wednesday, its weakest since December 2021, after a larger-than-expected build in U.S. crude inventories added to the bearish news earlier in the week of OPEC+'s hike in output quotas for the first time...
Gold halted its three-day rally due to investors booking profits ahead of the crucial US Nonfarm Payrolls report. The rise of US Treasury bond yields also made holding the non-yielding metal less appealing. At the time of writing, the XAU/USD trades at $2,918, virtually unchanged. The yellow metal consolidated above the $2,900 figure, capped by the earlier rise of the US 10-year Treasury bond yield to a one-week high, before paring those gains to stand at 4.286%. Uncertainty surrounds the financial markets, spurred by controversial trade policies proposed by the President of the United...