US Dollar (USD) consolidates within a narrow range as markets await September CPI and October PMI, while the ongoing US government shutdown adds pressure on growth and the Fed hints at year-end rate cuts, BBH FX analysts report. US government shutdown adds downside risks to growth"USD is building on yesterday's gains but continues to trade within a tight range in the absence of major US data releases. Indeed, FX volatility is well below its long-term average and near historic lows. We expect a bit more fireworks on Friday, with the release of the US September CPI and October PMI...
Oil prices rose for a second day on Wednesday (October 22nd), rising about 2%, driven by rising US energy consumption and hopes for progress on a US trade deal with China and India. Brent crude rose $1.29, or 2.1%, to $62.61 a barrel at 11:09 a.m. EDT (15:09 GMT), while US West Texas Intermediate crude rose $1.34, or 2.34%, to $58.58. US crude inventories fell during the week ending October 17th, according to the Energy Information Administration (EIA) on Wednesday. Crude stocks fell by 961,000 barrels to 422.8 million barrels last week, compared with analysts' expectations in a Reuters...
Gold prices fell on Wednesday (October 22) to a nearly two-week low, following their sharpest one-day decline in five years in the previous session, as investors booked profits ahead of key US inflation data due later this week. Spot gold fell 1.7% to $4,054.34 an ounce, as of 1:42 p.m. ET (1742 GMT), after rising as high as $4,161.17 earlier in the session. US gold futures for December closed 1.1% lower at $4,065.40 an ounce. Gold has hit multiple record highs and is up 57% this year, driven by geopolitical tensions, economic uncertainty, expectations of a US interest rate cut, and strong...
Oil prices continued their rally after the deal on Wednesday (October 22), rising more than $2 a barrel after U.S. Treasury Secretary Scott Bessent said more U.S. sanctions targeting Russia would be announced. Brent crude jumped $2.44, or 3.98%, to $63.76 after the deal at 3:44 p.m. EDT (19:44 GMT), and U.S. West Texas Intermediate crude rose $2.42, or 4.23%, to $59.66. Brent crude closed up $1.27, or 2.07%, to $62.59 a barrel, while U.S. West Texas Intermediate crude rose $1.26, or 2.20%, to $58.50. Bessent said U.S. sanctions would be announced on Wednesday or Thursday. "We'll be...
Gold extends pullback in early Asian session after front-month Comex gold futures fell for a second straight session overnight. Investors have been unwinding part of last week's speculative surge, Sucden Financial's Research team says in commentary. The retreat in precious metals' prices probably reflects profit-taking and reduced safe-haven flows rather than U.S. Treasury yields' dynamics, the team says. "Still-low Treasury yields and ongoing macro uncertainty continue to offer underlying support" for precious metals, the team adds. Spot gold is 0.2% lower at $4,089.65/oz. (az) Source:...