The dollar was mixed on Tuesday as traders awaited the Federal Reserve's Jackson Hole Economic Policy Symposium later this week for further clues on U.S. interest rate policy. A speech on Friday by Fed Chair Jerome Powell is this week's main focus, with little major economic data to drive market direction. Traders are tuned into whether Powell will push back against market pricing of a rate cut in September. Traders ramped up bets on a rate cut at the Fed's September 16-17 meeting after a weak July jobs report, and as last month's consumer price inflation report showed limited upward...
Oil prices fell on Tuesday as traders bet that talks over a possible agreement to legitimize or end Russia's invasion of Ukraine could ease sanctions on Russian crude oil, boosting global supply. Brent crude futures settled at $65.79 a barrel, down 81 cents, or 1.22%. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, finished at $62.35 a barrel, down $1.07, or 1.69%. "Even with this peace dividend, we have a record short position," said Phil Flynn, senior analyst with Price Futures Group. "Because of the size of the short position, people are...
Gold price tumbles on Tuesday as the Greenback extends its minimal gains for the second straight day, while geopolitical developments suggest that a positive outcome of the US President Trump meeting with Putin, Zelenskiy and European leaders could put an end to the ongoing war. XAU/USD is trading at $3,317. Rumors of a possible de-escalation of the Ukraine–Russia conflict weighed on Bullion prices, which usually benefit from global uncertainty. Last Friday, the meeting between US President Donald Trump and his Russian counterpart, Vladimir Putin, prepared the ground for a possible...
Oil steadied after a report signaled a decline in US stockpiles, while investors weighed the outlook for Ukraine-Russia truce talks. Brent traded near $66 a barrel after falling 1.2% on Tuesday, while West Texas Intermediate was below $63. The industry-funded American Petroleum Institute reported crude inventories fell by 2.4 million barrels last week, according to people familiar with the figures. Official data is due later Wednesday. The market is keeping close tabs on progress toward a ceasefire to the war in Ukraine following a series of high-level...
Gold held a small decline ahead of a key address by Federal Reserve Chair Jerome Powell later this week, which may give fresh clues on the central bank's monetary path. Bullion traded at around $3,315 an ounce early in Asia, holding a 0.5% decline from the previous session after the latest efforts to halt the Russia-Ukraine war impacted haven demand. Attention is turning to Powell's annual address at Jackson Hole, Wyoming, on Friday, amid strong expectations the Fed will cut borrowing costs by a quarter point next month. Lower rates are beneficial for gold...