Optimism surrounding the US debt ceiling talks and strong economic data exerted downward pressure on gold, pushing it to a two-month low on Thursday. Safe-haven demand for bullion diminished as US President Joe Biden and top congressional Republican Kevin McCarthy neared a potential agreement to cut spending and raise the debt ceiling. The progress in Read More…
Oil prices increased by 2% on Wednesday due to a significant and unexpected decrease in US crude inventories. The Saudi energy minister’s warning about potential OPEC+ production cuts further contributed to the rise. The Energy Information Administration on Wednesday reported a substantial weekly drawdown of 12.5 million barrels, bringing US crude inventories to 455.2 million. Read More…
US equities experienced a significant decline on Tuesday, and short-term Treasury yields surged as investor concerns heightened due to the lack of progress in US debt limit negotiations. Representatives from President Joe Biden’s administration and congressional Republicans concluded another round of talks on the debt ceiling on Tuesday. The deadline to raise the government’s borrowing Read More…
US Equities had a mixed finish on Monday as the Nasdaq benefited from gains in Alphabet and Meta Platforms, while the S&P 500 remained nearly unchanged. Investors chose not to make significant bets as they awaited fresh talks about raising the US debt ceiling. US President Joe Biden and top congressional Republican Kevin McCarthy scheduled Read More…
Most currency futures rose on Friday as the dollar dropped due to Federal Reserve Chair Jerome Powell’s unexpected dovish stance. Contrary to market expectations, Powell stated that the US central bank might not need to raise interest rates as much, considering the tightening of credit conditions. Additionally, the dollar faced pressure from a pause in Read More…
On Thursday, gold prices collapsed as robust US economic data diminished expectations of the Federal Reserve easing. Additionally, gold fell as the greenback received a boost from the anticipation of a US debt ceiling agreement, averting a potential default. A stronger dollar makes for more expensive gold for foreign buyers. Negotiations between the White House Read More…
