LONDON—The Australian dollar jumped to its highest since mid-May on Tuesday after the Reserve Bank of Australia (RBA) raised interest rates, in a decision that many analysts had said would be a close call between a hike and a pause. The U.S. dollar was steady, below last week’s 2–1/2-month highs versus major peers, after unexpectedly…
Oil Falls as Economic Fears Overshadow Saudi Output Cut
June 6, 2023
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LONDON—Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about the global economic growth outweighed Saudi Arabia’s pledge to deepen output cuts. Brent crude futures were down $1.33, or 1.73 percent, to $75.38 a barrel by 0923 GMT. U.S. West Texas Intermediate crude fell…
World Stocks Tread Water as Traders Eye Fed Pause Prospects
June 6, 2023
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LONDON—European stocks started Tuesday mixed, as soft U.S. economic data reinforced expectations the Federal Reserve may skip an interest rate hike when it meets next week. The pan-European STOXX 600 index was up 0.1 percent to 460.40 at 0830 GMT. In the previous session, the index dropped as data pointing to tepid U.S. business activity…
Dollar Edges Up as Markets Weigh Chances of Fed Rate Hike
LONDON—The dollar edged up against major peers on Monday, as markets priced in around a 1-in-4 chance of the U.S. Federal Reserve raising benchmark rates this month after robust jobs data on Friday. The dollar index—which tracks the greenback against six peers—came off the boil last week, after some Fed officials voiced a preference for…
Oil Rises on Saudi Plan to Deepen Output Cuts From July
LONDON—Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures were up $1.72, or 2.3 percent, at $77.85 a barrel by 0900…
Shares Stroll Higher on June Hike Hiatus Hopes
June 5, 2023
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SYDNEY/LONDON—Shares rose and the dollar firmed on Monday as investors bet the Federal Reserve would pause its rate hikes this month after a mostly encouraging U.S. jobs report, while oil prices jumped after Saudi Arabia pledged big output cuts. The benchmark European STOXX index climbed 0.18 percent in early trading, led by gains in the…
With Oil Prices Slumping, OPEC+ Producers Weigh More Production Cuts
FRANKFURT, Germany—The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide. The 23-member group is meeting Sunday…
Dollar Dips as Chances Grow for Fed ‘Skip’, Debt Bill Passes
LONDON—The dollar was heading for its largest weekly fall since mid-January on Friday as the view took hold among investors that the Federal Reserve will forgo an interest rate hike this month, which would diminish the greenback’s appeal to non-U.S. buyers. The U.S. Senate’s passage of a bill to suspend the debt ceiling and avert…
Oil Prices Rise After US Debt Deal, All Eyes on OPEC Meeting
LONDON—Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures rose 77 cents, or 1 percent to $75.05 a barrel by 0806 GMT, while U.S. West Texas…
Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise
June 2, 2023
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LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due 0830 EST (1230…
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