The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold adds as greenback dives on Powell
On Wednesday, the yellow metal faced its greatest one-day profit for more than a month, with Act One of the Federal Reserve and Act Two expected to be uncovered tomorrow.
On the Comex exchange February delivery gold futures rallied by $9.90 concluding at $1,229.80 per troy ounce.
Fed Chief Jerome Powell’s statement provided Wall Street with the tonic required for a mid-week bump. As Powell told, the major bank’s gradual tempo of lifting interest rates has been just an exercise in balancing risks. However, he stressed that there’s no preset policy path. It sent a dovish signal on the evergreen buck that the Fed will do the much-anticipated fourth rate lift in December, then hold off for next year based on how well the American economy is.
Apart from its chairman's speech, the Federal Reserve will also uncover the minutes of its November policy gathering, another diary item, which will be parsed cautiously for language indicative of rate lifts next year.
The USD index, declined by 0.6% following Powell’s statement. Notwithstanding the Dow's’s consequent leap, the evergreen buck’s dive was enough for the yellow metal to rebound 0.8%.
Volatility across financial markets has accelerated ahead of the G20 on rumors whether American leader and his Chinese rival Xi Jinping will be able to come to an agreement to end more than six months of bitter trade clash.
US leader told that he would reject China’s request to hold off plans to raise levies to 25% on some $200 billion of China’s exports from January 1.
Meanwhile, Larry Kudlow, Trump’s key economic adviser has sent out a bunch of confusing smoke signals on whether a pact was real, telling that Chin and America were communicating at all levels, although Xi still require stepping up and coming up with fresh ideas.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
On Tuesday, crypto assets dived, with Bitcoin decreasing below the psychologically crucial $5,000 mark for the first time this year…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.