Trading news

Gold (XAU/USD) rises sharply on Wednesday, edging up over 0.80% sponsored by falling US Treasury yields and a weaker US Dollar, as the odds for a rate cut by the Federal Reserve (Fed) remain elevated despite strong economic data in the US.

United States 7-Year Note Auction declined to 3.781% from previous 3.79%

The Dow Jones Industrial Average (DJIA) gained another 400 points on Wednesday, clawing back recent losses and testing back above the 47,500 level.

West Texas Intermediate (WTI) Crude Oil trades little changed on Wednesday, hovering near one-month lows as traders show a muted reaction to the latest US Energy Information Administration (EIA) report.

United States Baker Hughes US Oil Rig Count: 407 vs previous 419

The Japanese Yen (JPY) remains under pressure against the US Dollar (USD) on Wednesday despite a broadly weaker Greenback.

EUR/JPY trades higher on Wednesday around 181.30, up 0.40% at the time of writing. The cross benefits from improving risk sentiment as investors closely track political statements hinting at potential progress toward a peace agreement between Russia and Ukraine.

United States 4-Week Bill Auction rose from previous 3.89% to 3.905%

United States EIA Natural Gas Storage Change increased to -11B in November 21 from previous -14B

Russia Industrial Output came in at 3.1%, above expectations (0.3%) in October

Silver (XAG/USD) moves strongly higher this Wednesday, trading around $52.45 at the time of writing, up 2.00% on the day.

United States EIA Crude Oil Stocks Change rose from previous -3.426M to 2.774M in November 21

The EUR/GBP retreats on Wednesday after the latest UK’s budget revealed by the Chancellor Rachel Reeves seem to be well received by investors, which initially sold off the British Pound, which trimmed its earlier loses. At the time of writing, the cross trades at 0.8766 down 0.24%.

The Euro (EUR) holds firm against the US Dollar (USD) on Wednesday, with EUR/USD edging higher after a brief dip following the latest US economic data. At the time of writing, the pair is trading around 1.1580, recovering from a daily low of 1.1547.

United States Chicago PMI came in at 36.3 below forecasts (44.3) in November

Chancellor Reeves sidestepped the biggest fiscal dangers, delivering limited near-term tightening while preserving headroom through backloaded tax hikes, NOMURA's FX analyst Dominic Bunning reports.

Gold’s under-owned phase appears over. 13F filings show a sharp rise in institutional ETF ownership, options premia have shifted toward the ETF, and recent inflows are driven by retail-linked investors and hedge funds.

The Canadian Dollar (CAD) is quietly consolidating for a fourth consecutive session and extending its tight range from last Friday, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

There were 216,000 Initial Jobless Claims in the week ending November 22, a decrease of 6,000 from the previous week's revised level, the US Department of Labor (DOL) reported on Thursday. This reading came in better than the market expectation of 225,000.

New orders for manufactured durable goods orders in the US rose 0.5%, or $1.5 billion, to $313.7 billion in September, the US Census Bureau reported on Wednesday.