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☆ Safe-haven gold soars as investors bolt for safety from Middle East clashes
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023. Gold prices climbed more than 1% on Monday as dramatic clashes between Israeli and Hamas forces over the weekend raised the risk of a wider Middle East conflict and spurred a rush to safe haven investments like bullion. Spot gold jumped 1% to $1,849.51 per ounce by 0317 GMT, having hit its highest level in a week. "Gold has regained its safe-haven status following the geopolitical events over the weekend," City Index Senior Analyst Matt Simpson said. Higher U.S. rates raise the opportunity cost of holding gold, which yields no interest.

Persons: Matt Simpson Organizations: Novosibirsk Refining Plant, Hamas, Federal, Higher Locations: Novosibirsk, Russia, Israel, Gaza, Higher U.S

☆ Dollar set for best quarter in a year; yen-watch rumbles on
▼ + stars: | 2023-09-29 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "We've had resilience in the U.S. economy, in the jobs market, inflation ticking higher and, obviously, the rise in oil prices. "We're not really expecting to see any rate cuts for quite some time, well toward the back end of 2024. Markets are looking ahead to the next data points, starting with key U.S. personal consumption data due later on Friday. The yen last traded at 149.125 to the dollar, which eased 0.13% on the day.

Persons: Florence Lo, Fiona Cincotta, We're, Tony Sycamore, we've, Sycamore, Thomas Barkin, Yasunari Ueno, Brigid Riley, Gerry Doyle, Neil Fullick, Kevin Liffey Organizations: U.S, REUTERS, Treasury, City Index, Federal Reserve, IG, Richmond Fed, Mizuho Securities, Sterling, National Statistics, COVID, Thomson Locations: U.S, City, Tokyo

☆ Pound, franc slide as central banks pause hikes; dollar holds firm
▼ + stars: | 2023-09-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The euro rose as high as 0.9677 francs and is set for its biggest one-day rise since June. The dollar rose 0.8% to 0.9053 francs , hitting its highest level since June 13. "The Swiss franc has understandably weakened after the surprise hold in the policy rate today," ING strategists said in a note. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations. Although you never know for sure with this central bank," said Matt Simpson, senior market analyst at City Index.

Persons: Dado Ruvic, Sterling, Goldman Sachs, Michael Cahill, Sweden's, Niels Christensen, Matt Simpson, Samuel Indyk, Brigid Riley, Kevin Buckland, Sam Holmes, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Swiss, British, U.S . Federal Reserve, Friday's Bank of Japan, Bank of England, Swiss National Bank, ING, Fed, Bank of Japan, New Zealand, NZ, Thomson Locations: Swiss, Sweden, Norway, Swedish, Norwegian

Chevron Chief Executive Mike Wirth also said he thinks oil will cross $100 per barrel in a Bloomberg News interview. Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day (bpd) of supply cuts to the end of the year. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. China, considered the engine of oil demand growth, is a key risk because of its sluggish post-pandemic economic recovery, though its oil imports have remained robust. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand."

Persons: Tatiana Meel, Brent, WTI, Fiona Cincotta, Mike Wirth, Prince Abdulaziz bin Salman, Callum Macpherson, Tamas Varga, PVM's Varga, Arathy Somasekhar, Natalie Grover, Florence Tan, Sudarshan, David Goodman, Timothy Gardner Organizations: REUTERS, Rights, Brent, U.S, West Texas, Citi, Monday, Chevron, Bloomberg, ANZ, XM, U.S . Federal, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, China, Saudi, Investec, Europe, Houston, London, Singapore

☆ Asian stocks steady, Japan, China central banks interrupt dollar's ascent
▼ + stars: | 2023-09-12 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Japanese government bonds remained under pressure on Tuesday, with 10-year JGB yields up 1 basis point to a fresh high of 0.71%. Japan's Nikkei (.N225) rose 0.61%, with markets looking to U.S. inflation data and this week's European Central Bank meeting to set interest rate expectations and the mood. Overnight, the weaker dollar and upgrade on Tesla from analysts at Morgan Stanley helped U.S. stock markets gain. "There is a sense that ECB is already done for the cycle," said Maybank analysts in a note to clients. "Recent PMI prints suggest that growth outlook could be deteriorating and puts the euro at risk of further downside.

Persons: Kazuo Ueda, Chris Weston, Matt Simpson, Christopher Wong, Morgan Stanley, bitcoin, Lincoln, Simon Cameron, MOore Organizations: Federal Reserve, Bank of Japan, Reuters, Investors, HK, Mainland Properties, Japan's Nikkei, Central Bank, Arm Holdings, New Zealand, ECB, PMI, Fed, Brent, Thomson Locations: SINGAPORE, China, Japan, Melbourne, Hang, Asia, Pacific, British, New York

☆ Shares rise, dollar drops vs yen after BOJ hint of shift in policy
▼ + stars: | 2023-09-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

The yen surged after BOJ Governor Kazuo Ueda said the central bank could end its policy of negative interest rates when the achievement of its 2% inflation target is in sight. Global shares, as reflected by the MSCI All-World index (.MIWD00000PUS), rose 0.1%, supported by a bounce in stocks in Europe, where the STOXX 600 (.STOXX) gained 0.3%. Last week, the STOXX posted its longest stretch of losses in 5-1/2 years. Economists polled by Reuters expect consumer prices to have risen by 3.6% from last year, up from July's 3.2% reading. The ECB meets on Thursday to set interest rates and markets have all but priced out any chance of a hike.

Persons: Kazuo Ueda, Fiona Cincotta, Marcella Chow, Scott Murdoch, Simon Cameron, Moore, Mark Heinrich, Chizu Organizations: Bank of Japan, Global, European Central Bank, Reuters, JPMorgan Asset Management, Brent, ECB, Thomson Locations: China, Europe, U.S, Asia, Sydney

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The greenback tumbled ahead of U.S. inflation data due on Wednesday, with traders on the lookout for whether the world's largest economy is indeed on track for a "soft landing", and whether the Federal Reserve has further to go in raising rates. "It seems that Ueda's comments were intended to stop the yen's slide against the dollar," said Takehiko Masuzawa, trading head at Phillip Securities Japan. DOLLAR SLIDEThe dollar index , which measures the U.S. currency against peers including the yen, was last down 0.26% to 104.59, near an almost one-week low. It was last nearly 0.8% higher at 7.2895 per dollar, while its offshore counterpart similarly was up about 0.9% to 7.3003 per dollar.

Persons: Florence Lo, Kazuo Ueda stoked, Ueda, Takehiko, Francesco Pesole, Matt Simpson, Rae Wee, Junko Fujita, Joice Alves, Jason Neely Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, Yomiuri, Phillip Securities Japan, Treasury, ING, Aussie, New Zealand, Thomson Locations: Rights SINGAPORE, LONDON, Japan, United States, Singapore, Tokyo, London

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "It seems that Ueda's comments were intended to stop the yen's slide against the dollar," said Takehiko Masuzawa, trading head at Phillip Securities Japan. Christopher Wong, a currency strategist at OCBC, attributed the dollar's slide to traders "lightening up" on their long dollar positions ahead of the data. Against the weaker U.S. dollar, the Aussie and the New Zealand dollar were among the biggest beneficiaries, each rising more than 0.5%. The Australian dollar was last 0.6% higher at $0.64165, while the kiwi gained 0.52% to $0.5914.

Persons: Florence Lo, Kazuo Ueda stoked, Ueda, Takehiko, Sterling, Christopher Wong, Alvin Tan, Matt Simpson, Rae Wee, Junko Fujita, Sam Holmes, Christopher Cushing Organizations: U.S, REUTERS, Rights, Bank of Japan, Yomiuri, Federal Reserve, Phillip Securities Japan, British, Fed, Treasury, Asia FX, RBC Capital Markets, Index, Aussie, New Zealand, Thomson Locations: Rights SINGAPORE, Japan, Asia, United States, U.S, Singapore, Tokyo

☆ Gold gains as U.S. inflation data takes center stage this week
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rose on Monday, supported by a retreat in the dollar as investors looked forward to U.S. inflation data that could define the Federal Reserve's moves on interest rates. Spot gold gained 0.3% to $1,922.89 per ounce by 0313 GMT, having lost 1% in the previous week. Gold had found support around its 200-day moving average, an important technical level not easy to crack, he said, adding that if U.S. inflation undershoots that could weigh further on the U.S. dollar. Spot gold may retest a resistance at $1,930 per ounce, according to Reuters technical analyst Wang Tao. The U.S. Consumer Price Index data for August due on Wednesday is expected to shape the Fed's interest rate decisions this year.

Persons: Matt Simpson, Gold, Wang Tao, Tim Waterer Organizations: U.S ., The U.S ., U.S, Consumer Locations: The

☆ Yen jumps on Ueda's remarks, dollar tentative ahead of U.S. inflation print
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +3 min

A sheet of newly-designed Japanese 10,000 yen banknotes at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 28, 2023. Ueda told the Yomiuri newspaper in an interview that the BOJ could have enough data by year-end to determine whether it can end negative rates. "Ueda is laying the foundations for an exit from negative interest rates, and he is giving plenty of notice," said Matt Simpson, senior market analyst at City Index. The dollar index , which capped last week with eight straight weeks of gains, its longest run since 2014, dipped slightly to 104.84. The Australian dollar , often used as a liquid proxy for the yuan, rose 0.29% to $0.6397, while the New Zealand dollar edged 0.28% higher to $0.5900.

Persons: Kazuo Ueda stoked, Ueda, Matt Simpson, Alvin Tan, Index's Simpson Organizations: National Printing Bureau, Bank of Japan, Yomiuri, Federal Reserve, British, Sterling, Fed, U.S, Treasury, Asia FX, RBC Capital Markets, New Zealand Locations: National Printing Bureau Tokyo, Tokyo, Japan, U.S, Asia, United States

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The greenback scaled a fresh top of 147.875 yen in early Asia trade, its highest since last November. "Stronger-than-expected ISM services reaffirmed the U.S. outperformance narrative, adding broad support to the U.S. dollar," said Kirstine Kundby-Nielsen, analyst at Danske Bank. The onshore yuan slid to a fresh 10-month low of 7.3270 per dollar, not far from hitting a 16-year low. The Australian dollar was about flat at $0.6386, while the New Zealand dollar was up 0.2% at $0.5881, with both languishing near their recent 10-month lows.

Persons: Florence Lo, Kirstine Kundby, Joseph Capurso, Matt Simpson, Sterling, BoE, Andrew Bailey, Joice Alves, Rae Wee, Sharon Singleton Organizations: U.S, REUTERS, U.S ., Nielsen, Danske Bank, Federal Reserve, Commonwealth Bank of Australia, New Zealand, Index, Bank of England, European Central Bank, Thomson Locations: SINGAPORE, U.S, Asia, China's, Beijing, China, Bank, Japan, London, Singapore

☆ The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead
▼ + stars: | 2023-09-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Low inventory, high mortgage rates, and high prices have created a difficult housing market. Low inventory, high mortgage rates, and high prices have put the housing market into a state of unaffordability that's weighing on house hunters, current homeowners, and even real estate investors. AdvertisementAdvertisementAs things stand, roughly one-quarter of homeowners are sitting on mortgage rates of less than 3%, near the highest on record. The seasonally-adjusted data showed prices climbed in every single city in the group's 20-city index. Otherwise said, half the cities in our sample now sit at all-time high prices."

Persons: we've, Craig J, Lazzara, DJI, Daryl Fairweather, haven't, Shay Stein, Realtor.com, Fannie Mae, Bill McBride Organizations: Homeowners, Service Locations: Wall, Silicon, Realtor.com

A coffee machine featuring Novo Nordisk logo is seen at the company headquarters in Copenhagen, Denmark, February 5, 2020. REUTERS/Jacob Gronholt-Pedersen/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Danish drugmaker Novo Nordisk briefly unseated LVMH (LVMH.PA) as Europe's most valuable listed company in intraday trading on Friday, ending the French luxury group's 2-1/2 year-long reign at the top. At 0843 GMT, Novo Nordisk (NOVOb.CO) had a market capitalisation of $421 billion including unlisted stock, according to Refinitiv data and company disclosures of its share count. By 1031 GMT, Novo Nordisk shares were up 1% while LVMH shares were down 0.4%. LVMH shares have fallen 13.8% from an all-time high hit in April, underperforming Europe's broader STOXX 600 which is down around 1.9% in the same time frame.

Persons: Jacob Gronholt, Pedersen, LVMH, Ozempic, Wegovy, Novo's, Louis Vuitton, Marcel Stotzel, Stotzel, Eli Lilly, Axelle Pinon, Mounjaro, Novo, Carmignac's Pinon, Hennessy, Tiffany, Fiona Cincotta, Hermes, Samuel Indyk, Amanda Cooper, Catherine Evans Organizations: Novo Nordisk, REUTERS, Nestle, Dior, Fidelity European Fund, Fidelity European Trust, Barclays, Index, Financiere, Thomson Locations: Copenhagen, Denmark, Danish, LVMH, United States, China, Covid

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON/TOKYO, Aug 30 (Reuters) - The euro eased against the dollar on Wednesday as investors looked to more labour market data in the U.S. and inflation data in the euro zone to provide clues on the path for central banks policies. "One key input to arrive at a final assessment is the inflation data this week," he added. The euro eased 0.2% to $1.0856. The dollar index - which measures the currency against six major peers including the yen and euro - edged 0.1% higher at 103.67. INTERVENTION TERRITORYThe dollar rose 0.38% to 146.43 yen .

Persons: Dado Ruvic, Benjamin Schroeder, pare, Matt Simpson, Jerome Powell, Naoki Tamura, bitcoin, cryptocurrency, Joice Alves, Kevin Buckland, Tom Westbrook, Miral Organizations: REUTERS, Reuters, Money, ECB, ING, Index, Fed, Bank of Japan, Reserve Bank of Australia, People's Bank of, Thomson Locations: TOKYO, U.S, Spain, Germany, Westphalia, NRW, People's Bank of China, London, Tokyo

☆ Dollar finds feet as investors await further clues on Fed path
▼ + stars: | 2023-08-30 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Aug 30 (Reuters) - The U.S. dollar on Wednesday clawed back some of the previous session's sharp declines as investors looked ahead to more labour market data for clues on the path for Federal Reserve policy. The dollar index - which measures the currency against six major peers including the yen and euro - added 0.09% to 103.64 as of the Asian afternoon. On Tuesday, it had surged to a 10-month peak at 147.375 leading into the JOLTS report, only to end the day with a 0.45% decline. The Aussie dollar dipped as much as 0.46% after the data but eventually shook the data off to trade little changed at $0.64775. The Chinese yuan weakened slightly in offshore trading to 7.3002 per dollar, but remained well above the Aug. 17 low of 7.3490.

Persons: Dado Ruvic, pare, Matt Simpson, Simpson, Naoki Tamura, Jerome Powell, bitcoin, cryptocurrency, we're, Chris Weston, Kevin Buckland, Tom Westbrook, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S, Federal Reserve, U.S ., Treasury, Bank of Japan, Money, Fed, Reserve Bank of Australia, People's Bank of, Thomson Locations: People's Bank of China

☆ Dollar licks wounds after jobs shock, Aussie dips as inflation cools
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +3 min

Bank notes of the Australian Dollar lying on a table in Hamburg, Germany, 19 February 2016. The Japanese yen hovered around 146 per dollar following its overnight rebound from a 10-month trough at 147.375, as a drop in Treasury yields took away support for the U.S. currency. The Australian dollar dropped from near a two-week peak after inflation there cooled by more than economists predicted in July. The Aussie dollar dipped as much as 0.46% after the data before last trading 0.17% lower at $0.64685. The Chinese yuan weakened slightly in offshore markets to 7.2929 per dollar, but remained well above the Aug. 17 low of 7.3490 per dollar.

Persons: China's, Cryptocurrency bitcoin, Matt Simpson, Simpson, Jerome Powell Organizations: U.S, U.S ., Treasury, Money, Fed, Reserve Bank, People's Bank of Locations: Hamburg, Germany, U.S, Tuesday's, People's Bank of China

☆ Gold near 3-week high as markets cut back U.S. rate hike bets
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices hovered near three-week highs on Wednesday, as investors pared back bets of further U.S. interest rate hikes in response to soft economic readings, with more data eyed this week to analyze the outlook. Spot gold was flat at $1,936.17 per ounce by 0328 GMT, about $2 below its highest levels since Aug. 7 hit on Tuesday. Gold may extend gains to $1,948 per ounce, as it has cleared a resistance at $1,936, said Reuters technical analyst Wang Tao. Platinum eased 0.1% to $975.07, having climbed to its highest level since July 19 in the previous session.

Persons: Matt Simpson, Wang Tao Organizations: South Korea's, Nikko, Treasury, U.S ., Commerce, Federal Locations: Seoul, ., U.S

☆ The ultimate real-estate guide: Where homes are most affordable, prices have the most upside, taxes and closing costs are lowest, and rents are falling the fastest
▼ + stars: | 2023-08-30 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

Below, we've compiled stories with tips for prospective homeowners, investors, and renters. And for those opting to continue renting since this path is increasingly cheaper than taking on a new mortgage payment, one piece shows where rents are falling the fastest. Sean Pavone/ShutterstockThis list from Scholaroo shows where prospective homeowners can find the cheapest combo of prices and property taxes relative to local incomes. John M Lund Photography Inc/Getty ImagesThis piece on an analysis by CoreLogic shows where investors are betting on most right now. Earlier in August, Goldman Sachs said they expect home prices on a national basis to grow another 1.8% this year.

Persons: we've, Goldman Sachs, hasn't, Sean Pavone, El Paso , Texas Denis Tangney Jr, Alan Diaz, Doug Ressler, John M, David Greene Organizations: CoreLogic, Service, AP, Kansas, John M Lund Locations: Wall, Silicon, El Paso , Texas, Kansas City , Missouri, Scholaroo

☆ Stocks swoon, dollar firms as Powell speech looms
▼ + stars: | 2023-08-25 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centred worries about global growth. "However, there is also no real reason for Powell to strike a dovish tone," he added, "and that could mean an ugly end to the week for stocks, while the dollar shines." Against Japan's currency , the dollar edged tentatively back toward last week's nine-month high of 146.545, trading as strong as 146.21. In energy markets, crude prices rose slightly on Friday, but remained on track for weekly declines of between 1.5-2.5%.

Persons: Brendan McDermid, Jerome Powell, Jackson, Kazuo Ueda, Christine Lagarde, Powell, Matt Simpson, Simpson, Patrick Harker, Susan Collins, Joseph Capurso, Brent, Kevin Buckland, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Rights, Federal, People's Bank of, Bank, Nasdaq, Japan's Nikkei, Nvidia, Advantest, Fed, Boston Philadelphia Fed, CNBC, Yahoo, U.S, Bank of Japan, CBA, Treasury, West Texas, Thomson Locations: New York City, U.S, . U.S, China, People's Bank of China, Asia, Tokyo, Jackson

☆ Stocks sink, dollar climbs as risk of hawkish Powell looms
▼ + stars: | 2023-08-25 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centered worries about global growth. "However, there is also no real reason for Powell to strike a dovish tone," he added, "and that could mean an ugly end to the week for stocks, while the dollar shines." Against Japan's currency , the dollar edged back toward last week's nine-month high of 146.545, last trading at 146.15. The Chinese yuan traded slightly weaker in offshore markets , slipping 0.07% to 7.2866 per dollar.

Persons: Brendan McDermid, Jerome Powell, Jackson, Kazuo Ueda, Christine Lagarde, Powell, Matt Simpson, Simpson, Patrick Harker, Brent, Kevin Buckland, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Rights, Federal, People's Bank of, Bank, Nasdaq, Japan's Nikkei, Nvidia, Advantest, Philadelphia Fed, CNBC, U.S, Treasury, West Texas, Thomson Locations: New York City, U.S, . U.S, China, People's Bank of China, Asia, Tokyo

☆ Gold eases as U.S. dollar jumps, spotlight on Powell's speech
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +1 min

Spot gold eased 0.2% to $1,913.90 per ounce by 0323 GMT, while U.S. gold futures shed 0.3% to $1,942. "The stronger U.S. dollar is clearly acting as a headwind for gold." The U.S. dollar raced for its sixth straight weekly gain, making bullion more expensive for overseas buyers. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell further on Thursday and were at their lowest since January 2020. Palladium was set for a second straight weekly decline.

Persons: Jerome Powell, Powell, Christine Lagarde's, Matt Simpson Organizations: U.S ., Federal, Treasury, European Central Bank, Trust Locations: U.S, Jackson Hole , Wyoming

Brent crude fell 16 cents, or 0.2%, to $83.05 a barrel by 11:41 a.m. EDT (1541 GMT). U.S. West Texas Intermediate crude fell 12 cents, or 0.2%, to $78.77 a barrel. "Disappointing data and nerves that the Federal Reserve could reinforce a hawkish stance are weighing on oil," said Fiona Cincotta, analyst at City Index. On the supply side, Iran's crude oil output will reach 3.4 million barrels per day (bpd) by the end of September, the country's oil minister was quoted as saying by state media, even though U.S. sanctions remain in place. U.S. crude inventories (USOILC=ECI) fell by 6.1 million barrels in the week to Aug. 18 to 433.5 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel drop.

Persons: Jerome Powell, Brent, Fiona Cincotta, Jackson, Powell, Shariq Khan, Ahmad Ghaddar, Mohi Narayan, Kim Coghill, David Evans, David Gregorio Our Organizations: cnsphoto, REUTERS, Fed, U.S . Federal, . West Texas, Federal, Wednesday Japan, Federal Reserve, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, American, Saudi Arabia

But it was U.S. Treasuries that hogged the limelight once again, with benchmark 10-year yields climbing to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date - before losing some ground to 4.3141%. "There's a more cautiously optimistic mood across financial markets," said Fiona Cincotta, senior markets analyst at City Index in London. At the same time, however, inflation expectations have hardly budged - meaning "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% late last week. In Europe, benchmark bond yields in Germany, France and Italy eased after Monday's sharp climb , , .

Persons: BOJ's Ueda, Fiona Cincotta, Jackson, Padhraic Garvey, Vishnu Varathan, Kazuo Ueda, Karin Strohecker, Elizabeth Howcroft, Dhara Ranasinghe, Tom Westbrook, Chizu Organizations: REUTERS, Staff, Nvidia, Wall, Index, Federal Reserve, Treasury, ING . Markets, Fed, European Central Bank, Bank of England, Bank of Japan, Mizuho Bank, NVIDIA, Wednesday, Tech, P, Brent, Benchmark, Dalian, Thomson Locations: Frankfurt, Germany, Europe, Asia, U.S, London, Americas, Jackson Hole , Wyoming, Singapore, France, Italy

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. Rising U.S. Treasury yields, with benchmark 10-year yields hitting 16-year highs on Tuesday, and unease over China have boosted the dollar this month. "What we're seeing is a bit of a pause," said Fiona Cincotta, senior markets analyst at City Index, in London. The U.S. dollar index - which measures the currency against six major counterparts, was a touch softer at 103.30, holding below Friday's 10-week highs at 103.68. The Australian dollar was 0.4% firmer at $0.6441 as global risk appetite recovered.

Persons: Dado Ruvic, Bond, Powell, Jackson, Fiona Cincotta, We've, Kazuo Ueda, Jerome Powell, Sterling, Lee Hardman, Dhara Ranasinghe, Kevin Buckland, Angus MacSwan, Bernadette Baum Organizations: REUTERS, U.S, Treasury, City Index, Bank of Japan, Federal, Thomson Locations: China, London, , Wyoming, U.S, Toyko

☆ Gold at 5-month low as rallying U.S. yields bolster dollar
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +2 min

Spot gold held its ground at $1,893 an ounce, as of 0335 GMT, having dropped to its weakest level since March 15 at $1,888.30. Benchmark 10-year U.S. Treasury yields hit a 10-month high, boosting the dollar to its highest level since mid-June and drawing investors away from non-interest-bearing gold. "Whilst the FOMC minutes saw the U.S. dollar and yields strengthen further to weigh on gold, there are tentative signs of stability for spot gold prices today," said Matt Simpson, a senior analyst at City Index. Reuters technical analyst Wang Tao says spot gold may fall to $1,879 per ounce, as it has broken two key supports. Upside to gold prices will likely need delivery of rate cuts expected in 2024, they added.

Persons: Matt Simpson, Wang Tao Organizations: Aurum, U.S ., Treasury, Federal Reserve, Reuters, NAB Commodities Research, Palladium

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