The Japanese yen continued to weaken against its US counterpart for the third straight day on Monday (3/24) and continued to weaken in response to weaker March Purchasing Managers' Index (PMI). Moreover, positive sentiment in equity markets was seen as another factor undermining the safe-haven JPY. However, the possibility of further interest rate hikes, supported by expectations that strong wage growth could fuel broader inflation trends, might hold JPY investors from placing aggressive bets. Additionally, the recent narrowing of interest rate differentials between Japan and its peers...
Gold eased on Monday as the dollar strengthened, as investors awaited fresh catalysts after last week's rally saw bullion hit three consecutive record highs, helped by geopolitical and economic concerns, and hopes of a U.S. interest rate cut. Spot gold was down 0.2% at $3,016.43 an ounce, by 0302 GMT. U.S. gold futures were steady at $3,020.80. Gold hit a record high of $3,057.21/oz on Thursday. The dollar index is hovering near a three-week high, making dollar-priced bullion more expensive for overseas buyers. "Gold is still well positioned for further upside if markets remain nervous...
Silver (XAG/USD) prices moved higher on Monday (3/24), trading around $33.10 per troy ounce during Asian trading hours after three consecutive sessions of declines. The recovery was driven by a weaker US Dollar as concerns over a potential US economic slowdown grew due to President Donald Trump's trade policies. The US Dollar Index, which measures the USD against a basket of six major currencies, snapped a three-day winning streak and traded lower near 104.10. Meanwhile, market participants await the preliminary reading of the US S&P Global Manufacturing PMI for March. However, Silver...
The Australian Dollar (AUD) strengthened against the US Dollar (USD) on Monday (3/24) after two consecutive days of losses. The AUD/USD pair rose as the AUD found support following the release of preliminary Judo Bank Purchasing Managers' Index (PMI) data. Australia's Judo Bank Manufacturing PMI rose to 52.6 in March from 50.4 in February, while the Services PMI improved to 51.2 from 50.8. The Composite PMI also improved, reaching 51.3 in March compared to 50.6 previously. The AUD also gained traction as analysts anticipate the Reserve Bank of Australia (RBA) to keep interest rates...
Oil prices fell on Monday as investors weighed the prospects for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to increased Russian oil supplies to global markets. Brent crude futures fell 25 cents, or 0.4%, to $71.91 a barrel by 0409 GMT. U.S. West Texas Intermediate crude futures fell 20 cents, or 0.3%, to $68.08. Both benchmarks closed higher on Friday and posted their second straight weekly gain as new U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supplies. A U.S. delegation will seek progress...