The euro edged up on Tuesday, regaining some poise after political turmoil in France sent traders scrambling for hedging protection against further price swings, while the yuan hit a 13-month low on tariff risks and weakness in China's economy. The yen, which has gained nearly 4.5% in the last two weeks, retreated slightly against the dollar, but remained near six-week highs, as traders are growing increasingly confident that Japan may hike rates this month. The euro, which had been the weakest G10 currency through November, began this month with a 0.7% fall on Monday and was last hovering...
The dollar weakened against all G10 currencies except the yen, which pared Monday's gains, ahead of U.S. data and a slew of Fed speeches. The Bloomberg Dollar Index fell 0.1%, after a 0.5% gain Monday; its volatility trend shifted slightly lower as currency markets still favor a quarter-point interest rate cut by the FOMC this month. The U.S. jobs report is due later in the day, followed by private employment on Wednesday and key nonfarm payrolls data on Friday. Fed Governor Adriana Kugler, San Francisco Fed President Mary Daly and Chicago counterpart Austan Goolsbee are also scheduled to...
Gold (XAU/USD) edged higher to trade around $2,630 on Tuesday (3/12) after comments from a Federal Reserve (Fed) speaker raised the possibility of the Fed cutting interest rates at its December policy meeting. Lower interest rates are positive for Gold as they reduce the opportunity cost of holding non-interest-paying assets. Rising geopolitical risks can also support Gold amid ongoing conflicts in the Middle East, now exacerbated by the outbreak of civil war in Syria, the Russia-Ukraine conflict, and political risks in France. During times of crisis, investors turn to Gold for...
Gold moved higher mid-afternoon on Tuesday as the dollar weakened. Gold for February delivery was last seen up US$8.50 to US$2,667.00 per ounce. The precious metal has been mostly rangebound since correcting from a record high of US$2,800.80 on Oct.30, as the dollar surged following the U.S. election and inflation remains stuck above the Federal Reserve's 2% target. However the dollar eased early on Tuesday, with the ICE dollar index last seen down 0.35 points to 106.1. Treasury yields were mixed. The U.S. two-year note was last seen paying 4.159%, down 3.3 basis points, while the yield...
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week. Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel. U.S. West Texas Intermediate crude futures also rose the most since Nov. 18, gaining $1.84, or 2.7%, to close at $69.94 per barrel. Israeli forces have continued strikes against what they say are Hezbollah fighters ignoring last week's truce agreement in...