Oil declined at the start of the week as expectations that OPEC+ will hike production again in November exacerbated concerns about a glut. Brent dipped below $70 a barrel on Monday after rising 5.2% last week, while West Texas Intermediate traded around $65. The alliance led by Saudi Arabia is considering increasing output by at least as much as the 137,000 barrel-a-day hike scheduled for next month, according to people familiar with the plans. The Organization of the Petroleum Exporting Countries and its allies are pursuing a strategy to reclaim market share rather than...
Gold rises in early Asian trade amid hopes for Fed rate cuts that would enhance the allure of the non-interest-bearing precious metal. U.S. economic data released last Friday showed the Fed's preferred inflation gauge met expectations. August's 12-month PCE price index rose to 2.7% from 2.6%, with core steady at 2.9%. The data have painted a steady picture of inflation, Sucden Financial's Research team says in commentary. The data also have reinforced expectations for further monetary-policy easing from the Fed, the team adds. Spot gold is 0.3% higher at $3,769.37/oz. Source: Dow Jones...
EUR/USD continued its rally for the second consecutive session, trading around 1.1720 during the Asian session on Monday. The pair strengthened as the US dollar (USD) weakened after the August US inflation report increased the likelihood that the Fed will cut interest rates again in October. The US Personal Consumption Expenditures (PCE) Price Index rose 2.7% year-on-year in August, compared to 2.6% previously. This figure was in line with analysts' projections. Core PCE, which excludes food and energy prices, reached 2.9% year-on-year during the same period, also in line with...
The Australian Dollar (AUD) appreciates on Monday, with the AUD/USD pair extending its gains for the second consecutive session. The US Dollar (USD) weakens as traders brace for shutdown risks of the United States (US) government, beginning from October 1. The AUD also draws support from fading odds of near-term policy easing by the Reserve Bank of Australia (RBA), driven by recent data showing a hotter-than-expected consumer price index in August. Markets now price only a 6.5% chance of a 25-basis-point rate cut at September's meeting scheduled on Tuesday and 38.2% probability at its...
Silver price (XAG/USD) is trading around new 14-year high of $46.64, marked during the Asian hours on Monday. The non-interest-bearing Silver attracts buyers as the US August inflation report boosts the odds of the US Federal Reserve (Fed) delivering another interest rate cut in October. It is worth noting that investors could put their bets on precious metals including Silver in terms of gaining better investment returns. Markets are now pricing in nearly an 89% chance of a Fed rate cut in October and a 66% possibility of another reduction in December, according to the CME FedWatch...