The dollar strengthened to its highest level in a month, as investors sought safe havens amid weakening global stock and bond markets. The Bloomberg Dollar Spot Index rose 0.7%, its biggest intraday gain since July 30. The currency strengthened against all G-10 currencies, with the Japanese yen and British pound weakening sharply. Traders expected the dollar to remain relatively stable on a day dominated by headlines about the UK budget crunch and potential political upheaval in Japan. Despite the prospect of weaker employment figures, the dollar could draw support from stalled yuan...
Oil prices retreated from earlier gains, as negative sentiment in broader financial markets offset support from technical buying. Brent rose above $69 per barrel, posting its fourth gain in five days. The dollar posted its biggest gain since July, weighing on commodities priced in that currency, while global bonds experienced significant declines. Trend-following Commodity Trading Advisors have been consistently buying crude oil over the past few weeks, helping push prices higher, according to Nicky Ferguson, head of analytics at Energy Aspects Ltd. Their buying is likely to continue for...
Gold (XAU/USD) weakened on Tuesday after briefly surging to an all-time high of $3,508 per ounce during the Asian session as a rebound in the US dollar and Treasury yields triggered mild profit-taking. At the time of writing, the precious metal was trading near $3,485 in the early American session, extending its six-day winning streak. Despite the brief correction, demand remained strong, driven by safe-haven asset flows and expectations that the Federal Reserve (Fed) will cut interest rates at its September 16-17 monetary policy meeting. The precious metal's rally to record highs was...
Gold now picks up extra pace and surpasses the $3,510 mark per troy ounce, reaching a record highs, always on the back of investors' rising perception of a couple of rate cut bets by the Federal Reserve in the next few monthsRising bets that the Federal Reserve will cut interest rates this month push the Gold price higher for the sixth straight day, to levels beyond the $3,500 psychological mark or a fresh all-time peak during the Asian session on Tuesday. US Treasury Secretary Scott Bessent defended US President Donald Trump's decision to fire Fed Governor Lisa Cook over allegations of...
Oil prices rose on Tuesday ahead of an upcoming OPEC+ meeting on Sunday, in which analysts expect the group will not unwind remaining voluntary cuts. Brent crude was up 72 cents, or 1.06%, at $68.87 a barrel by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate crude was at $65.34 a barrel, $1.33 or 2.08% higher. WTI futures did not settle on Monday due to the U.S. Labor Day holiday. Investors will monitor a meeting of eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7. Analysts said they believed the group would not unwind the...