1. Dollar Boosted By Fed Expectations
The dollar edged higher against its peers on Wednesday morning ahead of a speech by Federal Reserve Chairman Jerome Powell. Against the Canadian dollar USD added 0.2% and 0.1% against the EUR and JPY as of 8:00 GMT this morning. Investors will be looking for cues from the U.S. Federal Reserve on the path of future interest rate increases. It should be noted that the U.S. central bank is widely expected to raise rates by 25 basis points next month.*
2. Gold Wallows At Two Week Lows
Gold prices remained subdued at $1219.10 as of 8:00 GMT this morning, after hitting their lowest in nearly two weeks in the previous session $1,211.95. Expectations of a rate hike by the Federal Reserve next month and President Trump’s recent statements that he is open to seizing a settlement on US-China trade troubles, have caused safe havens to plummet in recent days. The dollar denominated metal has seen a major sell off that is expected to continue well until the end of the month.**
3. Oil Prices Rise On North Sea Outage
Oil prices started the day on a bullish note on Wednesday after the shutdown of Britain’s largest North Sea oilfield and ahead of an OPEC meeting next week at which the producer club is expected to decide on more supply cuts. Specifically, U.S. West Texas Intermediate (USOIL) crude futures were at $52.29 per barrel at 8:00 GMT, up 72 cents, or 1.4 percent from their last settlement. At the same time, International Brent crude oil futures (CL_BRENT) were up 79 cents, or 1.3 percent, at $61.17 per barrel..***
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*Source: Forbes, Nov 28, 2018, 6:25 AM GMT
**Source: Reuters, Nov 28, 2018, 4:16 AM GMT
***Source: CNBC, Nov 28, 2018, 3:03 AM ET
