Oil steadied as investors weighed the impact from an emerging surplus against US sanctions on Russia that have upended some crude flows. West Texas Intermediate traded below $60 a barrel after a modest loss in the previous session. Brent closed near $64. The price of Russia's flagship crude has plunged to the lowest level in more than two years, just days before US sanctions hit major producers Rosneft PJSC and Lukoil PJSC. Oil futures are down this year as expectations for a global glut weigh on the outlook, with the International Energy Agency forecasting a record...
Gold steadied, after three days of losses underpinned by fading expectations of a US interest rate cut next month. Bullion was holding above $4,000 an ounce on Tuesday. With traders and policymakers still awaiting a backlog of data after the longest US government shutdown in history, several Federal Reserve officials have cautioned against another reduction in the cost of borrowing. Interest-rate swaps now imply a less-than-50% likelihood of a December rate cut after all but pricing in a quarter-point reduction less than a month ago. Lower interest rates typically make non-yielding bullion...
Gold held a three-day drop, hurt by fading expectations for another US interest-rate reduction next month. Bullion traded near $4,020 an ounce, after losing almost 4% over the prior three sessions. With investors awaiting a backlog of data after the recent US government shutdown, several Federal Reserve officials have cautioned against another cut, although Governor Christopher Waller came out in favor. Interest-rate swaps now imply a less-than-50% likelihood of a December cut after all but pricing in a quarter-point reduction less than a month ago. The shift in...
The Japanese yen briefly touched its lowest level since early February before recovering slightly in Tuesday morning's Asian trading session. This slight recovery occurred without strong buying momentum, but was helped by comments from Japanese Finance Minister Satsuki Katayama, who signaled intervention to curb the yen's weakening. Furthermore, the risk-off market sentiment has restored support for the yen as a safe haven asset. Meanwhile, weakening demand for the US dollar has pushed the USD/JPY pair back below 155.00. On the domestic policy front, market vigilance has been renewed...
Silver fell below the $50 per ounce threshold, pressured by a stronger US dollar and fading expectations of a Federal Reserve interest rate cut next month. Traders are now focusing on a series of key US data releases following the end of the country's longest government shutdown, including the September employment report on Thursday, for clearer insight into labor market conditions. The market is pricing in a roughly 40% chance of another Fed rate cut in December, down sharply from nearly 100% immediately after the September decision, amid a lack of recent government data and growing...