The US dollar advanced against major global currencies, with 10-year Treasury yields rising to 4.5% as markets reopened after the Presidents’ Day holiday. Investors assessed remarks from Federal Reserve Governor Christopher Waller, who emphasized that policymakers are in no rush to cut interest rates without clearer signs of inflation cooling. Waller suggested that if price pressures persist at 2024 levels, the Fed may delay any adjustments until later this year.
Meanwhile, the Australian dollar initially gained but pared back its advance after the Reserve Bank of Australia maintained a cautious stance on monetary policy, reinforcing expectations that interest rates will remain stable in the near term.
Oil Market Steadies as OPEC+ Mulls Supply Strategy, Gold Holds Firm
Crude prices stabilized after recent gains, as OPEC+ officials weighed the possibility of delaying production increases, while geopolitical risks remained elevated following reports of Ukrainian drone attacks on Russian oil facilities.
Gold prices held steady, maintaining gains from the previous session. Continued demand from central banks and increased inflows into gold-backed ETFs have provided a solid foundation for the metal’s strength. SARACEN MARKETS analysts have revised their gold price outlook to $3,100 per ounce by year-end, citing persistent geopolitical uncertainty and strong safe-haven demand.