The Australian Dollar (AUD) maintains its position against the US Dollar (USD) on Thursday, following the release of Trade Balance data. Additionally, the AUD/USD pair moves little as traders adopt caution after the United States (US) government shut down. Australian Bureau of Statistics reported on Thursday that Australia's Trade Surplus narrowed to 1,825 million month-over-month (MoM) in August, against 6,500 million expected and 7,310 million in the previous reading. Meanwhile, Exports fell by 7.8% MoM in August from 3.3% seen a month earlier as Gold exports declined after a run of...
The Japanese yen strengthened for the fifth straight day on Thursday, remaining near the two-week high reached the previous day as the US dollar weakened. Markets are increasingly accepting that the Bank of Japan will continue its policy normalization, contrary to speculation that the Fed could cut interest rates two more times this year. This divergence in policy direction has narrowed the US-Japan interest rate differential, providing additional support for the lower-yielding JPY. Meanwhile, the market response to the US government shutdown has been subdued so far, with expectations of a...
Silver (XAG/USD) held firm around $47.80/oz during the Asian session on Thursday (October 2), continuing its rally after hitting a new record on Wednesday. The US government shutdown following the Senate's failure to pass a short-term funding bill sparked demand for safe-haven assets, increasing the appeal of the white metal amidst the uncertainty. On the policy front, US Vice President JD Vance warned of potential layoffs if the shutdown continues, which could weaken the labor market and raise expectations of a Fed rate cut. This sentiment was further strengthened after ADP reported that...
Oil prices edged higher on Thursday following losses in the previous three sessions as concerns about more disruption to Russian crude exports lent some support, though concerns about oversupply in the market capped gains. Brent crude futures gained 14 cents, or 0.2%, to $65.49 a barrel at 0749 GMT. U.S. West Texas Intermediate crude climbed by 14 cents, or 0.2%, to $61.92 a barrel. "There is some concern in the market again that Russian oil could get disrupted," said Giovanni Staunovo, commodity analyst at UBS. "But as long as there aren't disruptions yet, the moves are small." The Group...
Gold held steady near a record high on Thursday (October 2nd), as rising expectations of further US interest rate cuts this year and political uncertainty stemming from the controversial US government shutdown boosted demand for the metal. Spot gold rose 0.2% to $3,865.73 an ounce at 08:10 GMT, down from Wednesday's all-time high of $3,895.09. US gold futures for December delivery fell 0.2% to $3,890.80. The US dollar index weakened slightly, nearing a one-week low reached on Wednesday. Data showed on Wednesday that US private sector jobs fell by 32,000 in September after a downwardly...