Dollar Sagged after Fed Showed Guarded View Towards Inflation. Fed policymakers had a prolonged debate about the inflation and the path of future interest rate. While this did little to cool strong expectations for the Fed to raise interest rates in December, it did make the central bank appear slightly less hawkish than it appeared right after the September policy meeting when it signaled the year-end monetary tightening. The dollar index slipped to a two-week low of 92.891.
Gold Extends Gains After Latest Fed Meeting Minutes. Gold continued its rally for a fourth straight day after U.S. Federal Reserve showed policymakers debated the prospects of a pickup in inflation and the path of future interest rate rises if it did not. The U.S. central bank should gradually increase interest rates over the next two years, bringing the federal funds rate to 2.5 percent. Spot gold was up 0.4 percent at $1,293.92 per ounce, silver rose 0.8 percent to $17.22 per ounce.
Oil Drops on Rising U.S. Crude Inventories, OPEC Seen to Extend Cuts. Oil prices eased on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production and tighten the market. U.S. WTI crude futures were trading at $51.08 per barrel, down 0.4 percent from their last settlement, Brent crude futures were at $56.62, down 0.6 percent from the previous close.
By MEX Group Team