A struggle to control the Central Bank of Libya (CBL) has already sparked a blockade of oil production and it threatens the worst crisis in years for the major energy exporter, long torn between rival eastern and western factions.
In light of these factors, UBS has downgraded the US dollar to “Least Preferred” in its global strategy, favoring currencies like the euro, British pound, and Australian dollar instead.
OPEC+ is set to proceed with a planned oil output hike from October, as the Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
Bitcoin spent most of August trending lower, as the world’s biggest cryptocurrency was dented by persistent concerns over token distributions and mass sale events, especially from defunct exchange Mt Gox.
Gold Futures for December delivery was down 0.94% or 24.00 to $2,536.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.41% or 1.83 to hit $74.08 a barrel, while the November Brent oil contract fell 1.89% or 1.49 to trade at $77.33 a barrel.
Thailand’s monetary policy committee makes decisions based on the economic outlook when reviewing rates and so would adjust them if the current assessment changed, the head of the central bank told a business forum on Wednesday.
Most Asian currencies ticked lower on Wednesday as the dollar recouped more of its recent losses, while the Australian dollar was an outlier as sticky inflation data furthered the case for a hawkish Reserve Bank.
“Gold is still overall bullish, and that’s a story linked to the fact that next month we are expecting the start of the Fed rate cut cycle,” said Ilya Spivak, head of global macro, Tastylive.
Bitcoin fell on Wednesday, extending a sharp downturn from the prior session after the movement of a large volume of tokens onto a popular exchange rattled sentiment with the prospect of a major sale event.
European shares hit a more-than-one-month high on Wednesday, boosted by technology stocks ahead of Nvidia (NASDAQ:NVDA)’s results later in the day and as Ageas’s better-than-expected results lifted insurance stocks.
