Oil prices nudged lower on Tuesday as China's economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. U.S. West Texas Intermediate crude was down 11 cents at $70.60 a barrel at 0802 GMT, while Brent crude futures eased 2 cents to $73.89 a barrel. Prices were "weighed on by profit-taking after last week's 6% rally and a batch of disappointing Chinese economic data yesterday," IG market analyst Tony Sycamore said. On Monday, prices fell from multi-week highs on unexpected weakness in consumer spending data from...
Gold prices slide ahead of the Federal Reserve's policy meeting, with traders cautiously waiting for cues on the U.S. central bank's outlook for 2025. Futures trade 0.4% lower at $2,652.75 a troy ounce. A widely anticipated 25-basis-point rate cut is already fully priced into markets, according to analysts, but further cuts are less certain. Meanwhile, U.S. PMI data showed the services sector rose at a faster-than-expected pace. "The resilience of the U.S. economy supports our view that the Fed's 2025 rate cutting cycle is likely to be shallow," ANZ Research analysts say. "We expect a...
The dollar strengthened on Tuesday ahead of an expected interest rate cut in the United States, as traders grew more confident that the Federal Reserve will gradually lower borrowing costs next year. The euro, which is set to lose nearly 5% against the dollar this year, was trading at $1.04823 ahead of the Fed decision. The gap between U.S. and German 10-year yields is 216 basis points, near its widest in five years, after rising nearly 70 basis points in three months, further weighing on the euro. The Fed hands down its interest rate decision on Wednesday and interest rate futures imply...
Oil prices fell on Tuesday as Chinese economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. Brent crude futures were down 32 cents at $73.59 a barrel by 0949 GMT, while U.S. West Texas Intermediate crude futures were down 44 cents at $70.27 a barrel. Prices were "weighed down by profit-taking after last week's 6% rally and a batch of disappointing Chinese economic data yesterday," said IG market analyst Tony Sycamore. Prices fell from multi-week highs on Monday on unexpectedly weak consumer spending data from...
The AUD/USD pair fell to a yearly low around 0.6340 during the European session on Tuesday. The Aussie pair weakened as the US Dollar (USD) moved higher amid strong expectations that the Federal Reserve (Fed) could signal a more gradual policy easing approach at its policy meeting on Wednesday after cutting interest rates by 25 basis points (bps) to 4.25%-4.50%. Source: FXStreet