The US dollar saw gains against the euro and remained steady against the yen. Stock markets rebounded after a sharp decline. Traders are closely watching for clues on whether the Federal Reserve will cut interest rates in December. A significant amount of economic data, delayed by the government shutdown, is set to be released soon.
Friday saw an unexpected rise in oil prices, triggered by a Ukrainian drone strike that targeted Russia's Novorossiisk port, stopping oil exports in their tracks. With this surprising turn of events, global concerns about oil supply intensified, leading to notable increases in Brent and West Texas Intermediate crude futures.
Gold prices experienced a significant 3% drop on Friday, influenced by hawkish U.S. Federal Reserve remarks that dampened expectations for a December interest rate cut. Despite the dip, gold remains up for the week. This market movement reflects broader equity sell-offs and investor caution amid economic uncertainty and a lack of clear data.
New data the Agriculture Department released Friday created serious doubts about whether China will really buy millions of bushels of American soybeans like the Trump administration touted last month.
The executive order allowing products like coffee and bananas to escape tariffs comes as the Trump administration faces mounting pressure over rising prices.
President Donald Trump signed an executive order Friday to get rid of tariffs on a broad swath of commodities, including beef, coffee and tropical fruits.
