Oil steadied after posting two weekly declines, as traders weighed concerns about a looming global glut and the fallout from US sanctions against Russian producers at the start of a data-heavy week. Brent traded above $63 a barrel after shedding more than 2% last week, while the West Texas Intermediate was below $60. Traders are concerned that global crude supplies are poised to run ahead of demand, with market outlooks due this week from OPEC as well as the International Energy Agency. US sanctions remain in focus after the Trump administration targeted Rosneft PJSC and...
Gold edges higher in early Asian trade amid signs of U.S. economic weakness which typically enhance the safe-haven allure of the precious metal. The University of Michigan survey's headline index fell to 50.3 in November, from 53.6 last month, based on preliminary November responses. Analysts polled by The Wall Street Journal were expecting a milder decline in the index, to 53. Gold is likely to remain in demand as a safe haven and consequently stabilize at its current level, Commerzbank Research's commodity analysts say in a recent research report. Spot gold is 0.2% higher at...
The pound weakened towards 1.3150 against the US dollar in early trading on Monday, ending the previous three-day rally. The dollar's strength was driven by optimism that the longest US government shutdown in history would soon end, after a number of moderate Democratic senators supported a temporary funding deal. This news triggered a return of funds to dollar assets. Meanwhile, the market is awaiting Bank of England Governor Clare Lombardelli's speech tonight for clues on the direction of interest rate policy. The BoE held interest rates at 4% last week but hinted at the possibility of a...
Silver rose above $49 per ounce on Monday, reaching a three-week high amid growing concerns over the US economy. The rally was supported by a weaker dollar, which makes dollar-denominated commodities cheaper for foreign buyers. The University of Michigan's consumer sentiment index fell to 50.3 in November, the second-lowest reading on record and below expectations of 53.2, as Americans worried about the economic fallout from the longest government shutdown in US history. Private data on Thursday showed the US economy lost 153,000 jobs in October, the highest for the month in 22 years,...
Dollar lower as end to U.S. government shutdown draws nearer The U.S. dollar slipped lower Monday, as rising optimism that the U.S. government shutdown could be coming to an end hit this safe haven. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 99.370, after logging mild declines in the past week. The news that the U.S. Senate voted to advance a measure that could fund the U.S. government through January has boosted risk appetite, with the long-running shutdown, which entered its 40th day on Sunday, seen having a significant...