Oil prices rose more than $1 on Monday (September 8), recovering some of last week's losses, after an OPEC+ production increase appeared to moderate and amid concerns over possible further sanctions on Russian crude. OPEC+ signaled plans to increase production further starting in October, but the amount was lower than some analysts had anticipated. Reuters reported earlier this month that members were considering another increase. "The market has reacted too quickly to this OPEC+ production increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we are seeing a classic...
The US dollar traded lower against the Swiss franc for the second consecutive day on Monday (September 8). A weak payrolls report released on Friday continued to weigh on the US dollar, as investors increased their bets on a Federal Reserve interest rate cut in the coming months. US non-farm payrolls data confirmed a sharp slowdown in job creation in August, with only 22,000 new jobs added, below market expectations of 75,000. Furthermore, June's data was released at -13,000, marking the first net decline in employment since the peak of the pandemic in 2020. These figures virtually confirm...
Silver futures prices have risen again above $41 per ounce, their highest level since August 2011, as signs of a easing US labor market strengthen expectations of a Fed interest rate cut this year. The US economy added fewer jobs than expected in August, while the unemployment rate rose to its highest level since 2021, extending a string of weak data including ADP private payrolls, JOLTS job openings, and weekly jobless claims. Traders are now looking ahead to this week's US inflation report, with the market fully anticipating a 25 basis point interest rate cut later this month and some...
Investors could close out early bets on the dollar if upcoming US inflation data prompts the market to reduce expectations of a Federal Reserve rate cut, Rabobank's Jane Foley said in a note. Commodity Futures Trading Commission data shows that speculators have consistently been net short the dollar, expecting a cut, since mid-June. This makes the dollar vulnerable to speculators covering these positions, or short covering, especially given the challenges facing other G-10 currencies such as the French government crisis, the UK's budget woes, and the leadership contest in Japan's Liberal...
Gold's rally extended beyond the $3,600 level for the first time on Monday after weak US employment data reinforced expectations of a Federal Reserve interest rate cut next week. Spot gold rose 0.9% to $3,617.79 per oz at 12:09 GMT after hitting a record high of $3,622.07 earlier in the session. Bullion prices have surged about 37% so far this year, extending their 27% rally in 2024, driven by a weaker dollar, strong central bank buying, a weak monetary policy environment, and geopolitical and economic uncertainty. US gold futures for December delivery were unchanged at $3,657.20. US job...