Oil prices weakened on Thursday (September 19), closing lower as traders remained concerned about the US economic outlook a day after the US Federal Reserve cut interest rates for the first time this year. Brent crude futures fell 51 cents, or 0.8%, to $67.44. US West Texas Intermediate (WTI) crude fell 48 cents, or 0.8%, to $63.57. The Fed cut its benchmark interest rate by a quarter of a percentage point on Wednesday and indicated it would continue lowering borrowing costs for the rest of the year, responding to signs of weakness in the labor market. Lower borrowing costs typically boost...
Gold edges lower in the early Asian session amid a cautious mood. The market still sees a high probability of another 25bps rate cut by the Fed in October, but the central bank's guidance leaned slightly hawkish, Sky Links Capital Group's Daniel Takieddine says in an email. Fed officials seem reluctant to fully endorse deeper easing, with the FOMC meeting's outcome leaving the precious metal sensitive to coming economic data, the co-founder and CEO adds. Spot gold is 0.1% lower at $3,638.75/oz. Source: Dow Jones Newswires
Oil prices are mixed in early Asian trade amid possible position adjustments. U.S. President Trump's remark that he preferred low oil prices over sanctions on Russia has eased worries over supply disruptions, ANZ Research analysts say in a research report. Trump told reporters that "if we get oil down, the war ends," a sign that he wants to limit the revenue which Russia is receiving from the oil industry to support its war with Ukraine, the analysts add. Front-month WTI crude oil futures are 0.1% lower at $63.51/bbl; front-month Brent crude oil futures are little changed at...
The Silver price (XAG/USD) gains ground to around $41.90 during the Asian trading hours on Friday. The white metal finds support from the US Federal Reserve (Fed) rate cuts. As widely expected, the Fed decided to cut its benchmark interest rate at its September meeting on Wednesday, the first time since December, and signaled more reductions are likely this year. Fed Chair Jerome Powell pointed to growing signs of weakness in the labor market to explain why officials decided it was time to cut rates after holding them steady since December amid concerns over tariff-driven inflation. Lower...
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Friday, extending its losses for the third successive session. The AUD/USD pair remains subdued as the US Dollar gains support after the release of the United States (US) Weekly Initial Jobless Claims on Thursday. The AUD also struggled after a weaker-than-expected jobs report, which showed that Australia's seasonally adjusted Employment Change arrived at -5.4K in August from 26.5K in July (revised from 24.5K), compared with the consensus forecast of 22K. Meanwhile, the Unemployment Rate steadied at 4.2% in August, as...