The British pound fell to around $1.34, its lowest in a week, after data showed the UK government borrowed £7.2 billion more than forecast in the first half of the fiscal year, underscoring the tough fiscal challenge facing Chancellor Rachel Reeves ahead of the November 26 budget. The budget deficit hit £99.8 billion, above the £92.6 billion projected by the OBR, as debt-interest costs surged 66% to £9.7 billion in September, the highest for that month on record.The deterioration, driven by high inflation, rising welfare costs, and weak tax receipts, raises fears that Reeves may need up to...
Silver dropped more than 5% below $50 per ounce on Tuesday, retreating further from record highs reached last week, as investors locked in profits following a sharp rally driven by macroeconomic and physical market factors. Safe-haven metals also faced pressure as risk appetite improved, supported by easing US-China trade tensions, hopes for an end to the US government shutdown, and solid corporate earnings. US President Donald Trump said he expects to reach a fair trade deal with China's President Xi Jinping during their upcoming meeting in South Korea. Meanwhile, traders await Friday's...
Gold extends its Asian session retracement slide from the vicinity of the all-time peak and touches a fresh daily low, around the $4,331-4,330 region in the last hour. The US Dollar attracts buyers for the third straight day, and turns out to be a key factor that prompts some profit-taking amid still overbought conditions on the daily chart. A generally positive tone around the equity markets contributes to driving flows away from the safe-haven precious metal. However, concerns that a prolonged US government shutdown would affect the economy, along with dovish Federal Reserve (Fed)...
The U.S. dollar rose slightly higher Tuesday, stabilizing after recent banking-induced losses as the prospect of upcoming trade talks between the U.S. and China helped ease some concerns over a renewed trade war. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 98.570, after recording last week the biggest five-day retreat since late July. Dollar stabilizes after banking woesAttention in the foreign exchange markets has drifted away from concerns about the state of the U.S. banking sector with U.S. equities extending the rebound...
Oil prices stabilise as oversupply concerns ease Oil prices steadied on Tuesday on easing concerns about an oversupplied market and the trade dispute between the U.S. and China, the world's top two oil consumers. Brent crude futures were up 7 cents, or 0.11%, at $61.08 a barrel at 1320 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 14 cents, or 0.24%, to $57.66. Prices stabilised on Tuesday after hitting their lowest levels since early May on Monday, amid mounting concerns of oversupply and slowing economic growth...