Japan is considering spending 13.9 trillion yen ($89.7 billion) from its general account to fund a new stimulus package aimed at mitigating the impact of rising prices on households, according to a government document reviewed by Reuters on Thursday.
The U.S. dollar paused its climb on Thursday as traders awaited more clarity on U.S. President-elect Donald Trump’s proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.
Gold rose for a fourth consecutive session, extending a rebound from over two-month lows. But the yellow metal’s pace of gains now appeared to be slowing amid pressure from the dollar, as traders second-guessed expectations for lower U.S. interest rates.
The crypto was close to the coveted $100,000 level, which analysts said could be hit soon if price momentum persisted. But Bitcoin was also seen pushing further into overbought territory, which could herald a sharp drop, especially if traders lock in recent profits.
Crude oil for January delivery was up 1.09% or 0.75 to $69.50 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 0.99% or 0.72 to hit $73.53 a barrel, while the December Gold Futures contract rose 0.74% or 19.55 to trade at $2,671.25 a troy ounce.
While the annual headline figure is still some way below the 11% it peaked at two years ago after the outbreak of the Ukraine war, the fact that it has aggressively risen above the Bank of England’s 2% medium-term target could prove problematic for the central bank given the hefty public spending increases in the…
Most Asian currencies were also nursing steep losses over the past two weeks as the dollar shot up to one-year highs after Trump’s election. The Japanese yen was among the worst-hit by this trade.
Still, Russian Foreign Minister Sergei Lavrov said the country would do all it could to avoid nuclear war. But hostilities with Ukraine persisted, as both countries launched debilitating attacks against each other over the past week.
Bitcoin moved little on Wednesday, steadying just below a record high hit earlier this week as sentiment towards cryptocurrencies remained upbeat on the prospect of friendlier U.S. regulations.
Crude oil for January delivery was up 0.22% or 0.15 to $69.39 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 0.14% or 0.10 to hit $73.41 a barrel, while the December Gold Futures contract rose 0.01% or 0.30 to trade at $2,631.30 a troy ounce.
