Oil edged lower as investors tracked US-led efforts to end the war in Ukraine, while looking ahead to an OPEC+ gathering this weekend. West Texas Intermediate traded near $58 a barrel after rising more than 1% on Wednesday, while Brent settled just above $63. With US presidential envoy Steve Witkoff set to lead a delegation for talks in Russia next week, traders are weighing whether a deal can be struck and the implications for crude flows. OPEC and its allies, meanwhile, are set to meet Nov. 30. Eight of the group's members decided earlier this month to...
Gold steadied, having gained nearly 1% in the previous session on growing expectations of another interest-rate cut in the US. Bullion was trading around $4,165 an ounce, supported by a series of comments by Federal Reserve policymakers that point toward further monetary easing in December. Swap traders see a roughly 80% chance of a quarter-point cut next month, with the latest US jobless claims data seen as unlikely to derail the Fed from a reduction. Reinforcing prospects for lower rates, a key economic adviser to Donald Trump is emerging as the frontrunner to be the...
GBP/USD accelerated into a fifth straight winning session on Wednesday, gaining another 0.55% on the day and pushing through the 1.3200 handle. Price action is now set to challenge key long-term moving averages, and the ball will remain in Cable bulls' court through the back half of the trading week. US markets are set to go functionally dark for the remainder of the week with American market participants taking Thursday and Friday off for Thanksgiving holiday celebrations. Things remain relatively quiet on the UK side of the market on the economic data docket; however, government budget...
The dollar index weakened for a third straight day on Thursday, as markets grew increasingly confident the Federal Reserve would cut interest rates at its December meeting, ahead of the US Thanksgiving holiday. The Bloomberg Dollar Spot Index fell about 0.1% and remains on track for its third weekly decline in four weeks. The Fed's Beige Book report overnight showed US economic activity was "virtually unchanged," while consumer spending weakened, except among high-income buyers. The Beige Book also noted a slight decline in employment and only moderate price increases, bringing the...
Silver prices traded just below US$53 per ounce on Thursday, again approaching a record high. This increase occurred amid growing market confidence that the US Federal Reserve will cut interest rates further in the near future. Market participants now estimate an 85% chance of a 25 basis point rate cut in December, a sharp increase from just 30% about a week ago, with three more cuts anticipated by the end of 2026. These dovish expectations have further strengthened following reports that Kevin Hassett, Director of the White House National Economic Council, is a strong candidate for the...