Gold (XAU/USD) extends its steady intraday descent through the first half of the European session on Wednesday and slides further below the $3,665 level, hitting a fresh daily low in the last hour. The US Dollar (USD) stages a modest bounce from its lowest level since early July amid some repositioning trade ahead of the pivotal FOMC decision and exerts some pressure on the precious metal. The commodity now seems to have snapped a three-day winning streak to the all-time peak touched on Tuesday, though the downside remains cushioned. Investors now seem convinced that the US Federal Reserve...
Oil prices eased on Wednesday, after rising more than 1% in the previous session, though ongoing geopolitical jitters provided a floor for the market, with traders eyeing an expected interest rate cut from the U.S. Federal Reserve later in the day. Brent crude futures were down 33 cents, or 0.5%, to $68.14 a barrel at 0810 GMT, while U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $64.20 a barrel. The benchmarks settled more than 1% higher in the last trading session due to concerns that Russian supplies may be disrupted by Ukrainian attacks. "If the drone...
The British pound held above $1.363, close to its highest in over ten weeks, as traders awaited key central bank decisions. The Bank of England is expected to leave rates at 4% on Thursday while slowing its £100 billion annual bond unwind. The latest data showed that UK inflation remained at 3.8% in August, as expected and matching the 18-month high recorded in July. Additionally, job data showed steady unemployment at 4.7%, wage growth of 4.8% excluding bonuses (4.7% including bonuses), and a slight payroll decline of 8,000, all broadly in line with forecasts. BoE rate-cut bets were...
The US Dollar (USD) is showing signs of stabilization heading into Wednesday's FOMC, with modest gains against most of the G10 currencies as it attempts to claw back a portion of this week's losses, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. USD clawing back a portion of this week's losses"The moves are lacking any clear catalyst and are suggestive of position squaring into the 2pm ET rate decision. Markets are broadly expecting a well telegraphed 25bpt cut that will need to be accompanied by a statement, forecast, and press conference that will justify...
Oil prices weakened after three consecutive sessions of gains as traders assessed the latest US stockpiles data and awaited the Federal Reserve's interest rate decision later Wednesday. West Texas Intermediate (WTI) prices held around $64 per barrel after rising 3.4% in the previous three sessions. The commodity weakened as traders shrugged off the latest US stockpiles data, which showed crude inventories fell by 9.29 million barrels amid a significant increase in exports. However, adjustment factors surged and distillate inventories rose to their highest level since January, adding to the...