Silver (XAG/USD) struggled to capitalize on the previous day's modest rebound from the vicinity of monthly lows, around the psychological $30.00 mark and attracted some sellers on Wednesday. The white metal remained pressured through the first half of the European session and is currently trading just below mid-$30.00s, down nearly 0.30% for the day. From a technical perspective, the recent failure near the $32.35 horizontal resistance and a subsequent fall back below the 100-day Simple Moving Average (SMA) favors bearish traders. Moreover, oscillators on the daily chart are holding in...
EUR/USD is trading in a tight range near the psychological 1.0500 mark during the European session on Wednesday. The major currency pair is consolidating as investors await the outcome of the Federal Reserve's (Fed) final policy meeting of the year, which will conclude at 19:00 GMT. The Fed will also release a revised Summary of Economic Projections (SEP), also known as the dot plot, which shows the latest economic projections and where policymakers see the Federal Funds Rate heading in the medium to long term. Analysts at Bank of America (BofA) expect the Fed to cut interest rates by 25...
Markets expect a quarter-point interest rate cut at today's Fed meeting. Bullion is on track for its biggest annual increase since 2010 Gold traded in a narrow range ahead of the Federal Reserve's upcoming interest rate decision, with traders looking for clues on the path of monetary policy next year. Bullion traded near $2,645 an ounce, having fallen 0.2% in the previous session, as traders awaited the U.S. central bank's last policy meeting of the year later on Wednesday. While markets widely expect another quarter-point cut, the number and pace of subsequent cuts in 2025 are unclear,...
The pound weakened against the US dollar on Wednesday despite higher UK inflation data for November than the previous month. This and expansionary fiscal policy could prevent the Bank of England from cutting interest rates, even though the economy has shown some signs of weakness. GBP/USD is trading at 1.2695, failing to break through the 1.2700 barrier convincingly. Source: FXStreet
Crude oil prices traded higher on Wednesday with overnight crude inventory figures from the American Petroleum Institute leading to a decline for now. Some support for crude prices came after a big drop in crude inventories from the American Petroleum Institute (API) on Tuesday. With a drop of 4.7 million barrels, larger than the 1.85 million barrel drop expected, crude prices gained slightly. However, some bearish news for oil came out of Kazakhstan. Prime Minister Olzhas Bektenov said on Tuesday that he has ordered the Energy Ministry to intensify efforts to increase Natural Gas and Oil...