Gold (XAU/USD) kicks off the week on a softer footing after touching a two-week high on Friday, following Federal Reserve (Fed) Chair Jerome Powell's dovish remarks at the Jackson Hole Symposium that fueled a broad rally in precious metals. At the time of writing, the metal is trimming earlier losses and edging higher during the American session, consolidating near recent peaks around $3,370. Powell gave his final annual speech at the Jackson Hole Symposium last Friday, where he emphasized the Fed's cautious approach to monetary policy in a shifting economic environment. "The stability of...
The Australian Dollar (AUD) is holding firm against the US Dollar (USD) on Monday, with AUD/USD hovering close to the 0.6500 mark. The pair remains resilient despite a modest rebound in the Greenback, which is stabilizing after a sharp drop on Friday. At the time of writing, the pair is trading around 0.6486. Last week, the Aussie gained ground following Federal Reserve (Fed) Chair Jerome Powell's dovish tone at the Jackson Hole Symposium, which triggered a broad US Dollar selloff and restored expectations for a possible September rate cut. The Reserve Bank of Australia (RBA) cut the cash...
Oil prices climbed on Monday as traders anticipated more U.S. sanctions and Ukrainian attacks targeting energy infrastructure in Russia could disrupt supplies. Brent crude futures were up $1.20, or 1.77%, to $68.93 by 1:41 p.m. EDT (1741 GMT), and West Texas Intermediate crude futures gained $1.29 cents, or 2.03%, to $64.95. "There seems to be a sense the peace talks are dragging on," said Phil Flynn, senior analyst with Price Futures Group. "There could be sanctions on Russia if these talks don't go well," Flynn said. U.S. President Donald Trump said again on Friday that he would impose...
The dollar advanced against major currencies on Monday, bouncing from a steep fall last week that followed remarks from Federal Reserve Chair Jerome Powell that boosted expectations for a rate cut next month. The dollar index, which measures the greenback against a basket of currencies, rose 0.49% to 98.32, and was on track for its biggest daily percentage gain since July 30, with the euro down 0.69% at $1.1634, after hitting a four-week high of $1.174225 on Friday. Major brokerages, including Barclays, BNP Paribas and Deutsche Bank, expect a 25-basis-point Fed rate cut in September...
Gold price holds firm at around $3,370 on Monday as the Greenback recovers some ground following Federal Reserve (Fed) Chair Jerome Powell's dovish tilt last Friday. A scarce economic docket on Monday, except for New Home Sales, keeps traders focused on labor market data and the Fed's preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. The non-yielding metal lacks direction, with traders seeming to be booking profits following Powell's stance. Alongside the data mentioned above, Gross Domestic Product (GDP) figures will also be crucial in suggesting if...