Dollar Edges Higher After Combustible Presidential Debate
 
The dollar edged higher in early European trade Wednesday, with traders having to absorb the competing influences of healthy economic data from China as well as the contentious presidential debate between U.S. President Donald Trump and Democrat Joe Biden.
 
At 3:10 AM ET (0710 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 94.017. EUR/USD dropped 0.1% to 1.1729, while USD/JPY was down 0.1% at 105.55.
 
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The new gold rush: western investors offset soft eastern demand
 
Warren Buffett always mocked people who invested in gold, calling it a useless metal that “gets dug out of the ground in Africa, or someplace” and a way of “going long on fear”. This year, however, the “sage of Omaha” joined investors including the world’s largest hedge fund Bridgewater Associates in buying into the latest gold rush, which helped push prices to a record high this summer.
 
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Crude Oil Prices Edge Higher as Risk Appetite Returns
 
Crude oil prices edged higher on Monday as risk appetite returned to asset classes including stocks and industrial commodities, but remained under downward pressure from lingering fears of more lockdowns during the Northern Hemisphere winter, and by the resumption of supplies from war-torn Libya.
 
By 11:15 AM ET (1515 GMT), U.S. crude futures were up 0.2% at $40.29 a barrel, while the international benchmark Brent was up 0.4% at $42.56 a barrel.
 
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Dollar Weakness Likely Temporary; Presidential Debate Eyed

 

The dollar edged lower in early European trade Monday, with riskier assets to the fore after signs of economic recovery in China, but the greenback remains near a two-month peak as coronavirus cases continue to rise and political uncertainty in the U.S. reigns.

 
At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 94.552, after climbing to a two-month high of 94.745 last week and posted its biggest weekly rise since early April.
 
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Gold Down on Stronger Dollar

Gold was up on Wednesday morning in Asia following a rise in the dollar. The greenback was supported by a strong U.S. housing market, against rising global COVID-19 cases.

 
Gold futures were down 1.01% at $1,888.04 by 12:46 PM ET (4:46 AM GMT).
 
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Oil Prices Rise After EIA Reports Crude Inventory Draw

Crude oil prices reversed their decline today after the Energy Information Administration reported an oil inventory draw of 1.6 million barrels for the week to September 18. This compares with a draw of 4.4 million barrels for the previous week.

 
The report came a day after the American Petroleum Institute propped prices up temporarily by estimating a sizeable decline in gasoline stocks, coupled with a modest build in crude oil stocks. Analysts, on the other hand, had expected the EIA this week to report an inventory draw of 2.325 million barrels.
 
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Dollar Strengthens; Helped by Housing Data and Fed Comments

 

The dollar posted strong gains in early European trade Wednesday, supported by positive U.S. economic data, comments from a top Federal Reserve official and concerns about a second wave of coronavirus cases in Europe.

 
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 94.237, climbing to a eight-week high.
 
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Swiss Banking Giant is “Very Bullish” on Gold Prices

While the capital markets are wondering how low can yields go, gold bulls are wondering whether the precious metal can keep on reaching higher heights. Per a CNBC article, Swiss banking giant UBS seems to side more with the latter and is “very bullish” on gold.

 
“We are very bullish on gold. We think that the prices will go higher and what is interesting is we think it will stay higher for longer than expected,” Yeoh Choo Guan, the bank’s head of Asean global markets.
 
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Crude Oil Falls on Broad Risk-Off Move Driven by Stimulus, Virus Fears

Crude oil prices fell sharply on Monday as part of a general risk-off move across financial markets, triggered by fears of new lockdown measures in Europe and the receding chances of a U.S. fiscal support package.

 
In oil-specific news, the market continued to labor under the prospect of Libyan supply returning to world markets as a result of a tentative peace deal between the various factions in a long-running civil war. The deal could return up to 1 million barrels a day of crude to world markets, but it has yet to be ratified by either the UN-recognized government or by warlord Khalifa Haftar.
 
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Dollar slips, yen inches higher as Fed rhetoric in focus
 
The dollar slipped and yen and yuan led Asia's currencies a little higher on Monday, as investors looked ahead to a slew of U.S. Federal Reserve speakers this week and to a decision on the inclusion of Chinese government bonds in a global index.
 
Moves were slight and volumes light due to a public holiday in Japan. The dollar index, which tracks the greenback against a basket of six major currencies, dipped 0.2% to 92.779.
 
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