Asian stocks edged up on Tuesday, though moves were subdued in a holiday-curtailed week, while the greenback held near a two-year high helped by elevated U.S. Treasury yields as investors prepared for fewer Federal Reserve rate cuts in 2025.
Most Asian currencies weakened in recent sessions on the prospect of slower rate cuts in the U.S., while uncertainty over local monetary policy and slowing economic growth also weighed.
FGE analysts said they anticipated the benchmark prices would fluctuate around current levels in the short term “as activity in the paper markets decreases during the holiday season and market participants stay on the sidelines until they get a clearer view of 2024 and 2025 global oil balances.”
Bitcoin fell for the fourth consecutive day on Tuesday as a rally sparked by Donald Trump’s presidential election victory lost steam after the Federal Reserve turned hawkish last week.
Crude oil for February delivery was up 0.40% or 0.28 to $69.52 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March rose 0.43% or 0.31 to hit $72.63 a barrel, while the February Gold Futures contract rose 0.14% or 3.74 to trade at $2,631.94 a troy ounce.
