London copper prices edged up on Tuesday as a bullish run in the dollar paused, making greenback-priced metals cheaper to holders of other currencies. Three-month copper on the London Metal Exchange rose 0.6% to $8,920 a tonne by 0410 GMT, reversing four straight sessions of loss and rebounding from its lowest in four weeks hit in the previous session.
The dollar eased on Tuesday from its rally at the start of the week, but hovered near a one-month peak as traders raised their forecasts of U.S. Federal Reserve interest rate levels needed to tame inflation.
* Powell due to speak at 1700 GMT. * U.S. dollar index down slightly. By Kavya Guduru. Gold prices rose on Tuesday as the dollar pulled back slightly, with traders awaiting U.S. Federal Reserve Chair Jerome Powell's speech later in the day for hints about future rate hikes after last week's strong economic data.
Asian share markets stabilised somewhat on Tuesday after steep losses in the past 24 hours, while the U.S dollar remained elevated as investors considered the prospects interest rates would remain higher for longer in many developed economies. MSCI's broadest index of Asia-Pacific shares outside Japan bounced slightly 0.4%, after U.S. stocks ended the previous session with mild losses.
Asian share markets stabilised somewhat on Tuesday after steep losses in the past 24 hours, while the U.S dollar remained elevated as investors considered the prospects interest rates would remain higher for longer in many developed economies. MSCI's broadest index of Asia-Pacific shares outside Japan bounced slightly 0.4%, after U.S. stocks ended the previous session with mild losses.
Asian share markets stabilised somewhat on Tuesday after steep losses in the past 24 hours, while the U.S dollar remained elevated as investors considered the prospects interest rates would remain higher for longer in many developed economies. MSCI's broadest index of Asia-Pacific shares outside Japan bounced slightly 0.4%, after U.S. stocks ended the previous session with mild losses.
The dollar eased on Tuesday from its rally at the start of the week, but hovered near a one-month peak as traders raised their forecasts of U.S. Federal Reserve interest rate levels needed to tame inflation.
The dollar hovered near a one-month peak on Tuesday as traders raised their forecasts of U.S. Federal Reserve interest rate levels needed to tame inflation, as a stubbornly resilient labour market remains largely immune to aggressive rate hikes.
Japan confirmed on Tuesday that it made record interventions in the foreign exchange market in October, selling the dollar worth 6.35 trillion yen to support the yen currency, Ministry of Finance data showed. The quarterly data showed a steep drop in the yen to a 32-year low of 151.94 to the dollar on Oct. 21 triggered the intervention that day, followed by another on Oct. 24.
* Canadian dollar weakens 0.4% against the greenback. * Touches its weakest since Jan. 20 at 1.3475. * Ivey PMI shows economy growing in January. * 10-year yield touches a near 4-week high. By Fergal Smith.
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