Malaysia’s economic growth slowed in the third quarter – after reaching an 18-month high in the previous quarter – as a drop in oil and gas output offset a surge in investment activity and resilient household spending.
The dollar was headed for a sixth straight week of gains as it extended its rally on Donald Trump’s election victory from last week. Less dovish statements from the Federal Reserve and strong U.S. inflation readings added to the greenback’s strength.
Gold prices steadied in Asian trade on Friday, but were nursing their worst weekly performance in over three years as strong U.S. inflation and less dovish signals from the Federal Reserve sparked doubts over lower interest rates.
Gains in Bitcoin were driven chiefly by optimism over a Trump presidency, after he won the 2024 presidential elections. Institutional inflows into crypto exchange-traded funds were seen as a major driver of recent price gains.
Crude oil for December delivery was down 1.30% or 0.89 to $67.81 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January fell 1.27% or 0.92 to hit $71.64 a barrel, while the December Gold Futures contract fell 0.29% or 7.40 to trade at $2,565.50 a troy ounce.
The head of Taiwan’s central bank said on Thursday that he doubted that U.S. President-elect Donald Trump’s new administration would penalise Taiwan given the island’s central role in the semiconductor industry.
The greenback climbed above 156 yen for the first time since July. The euro slumped to its weakest since Nov. 2023 at $1.0546 and sterling hit its lowest on the dollar in three months at $1.2683.
The primary driver of oil prices, both in the near term and looking ahead, will be the direction of the U.S. dollar,” said Phillip Nova’s investment analyst Danish Lim, adding that supply and demand dynamics had put pressure on prices recently.
The value of the global cryptocurrency market has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.
Crude oil for December delivery was down 0.72% or 0.49 to $67.94 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January fell 0.64% or 0.46 to hit $71.82 a barrel, while the December Gold Futures contract fell 0.99% or 25.50 to trade at $2,561.00 a troy ounce.
