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Dollar doldrums deepen on dovish Fed tone before Jackson Hole

The dollar traded near the lowest in more than a year against the euro and sterling on Thursday as a dovish Federal Reserve and fresh signs of weakness in the U.S. job market backed the case for interest rate cuts. The dollar sagged below the closely watched 145 yen mark as U.S. Treasury yields slid, ahead of weekly jobless claims data later in the day and a hotly anticipated speech by Fed Chair Jerome Powell at the central bank's annual Jackson Hole symposium on Friday. Fed officials last month were strongly leaning toward an interest rate cut at their September policy meeting and several of them would have even been willing to reduce borrowing costs immediately, according to the minutes of the July 30-31 gathering released on Wednesday.

Oil prices slow sell-off as expectations of Fed rate cut grow

A sharp sell-off in crude oil paused on Thursday after expectations of a rate cut by the Federal Reserve offset a bunch of weak economic data from the world's two largest economies, the United States and China. Brent crude futures were 3 cents up to $76.08 a barrel. WTI touched its lowest since early February on Wednesday after revised U.S. employment statistics showed fewer jobs than previously reported and weak economic data from China, the world's second-largest economy.

Countries like Malaysia and Thailand are flocking to join BRICS as a potential ‘counterweight against U.S. economic hegemony'

Analysts say countries like Malaysia and Thailand may want to hedge in a more polarized world and get better access to China and India.

Interest rate cuts are now all but guaranteed after dovish Fed meeting, experts say

“The Fed minutes removed all doubt about a September rate cut,” said Jamie Cox, managing partner at Harris Financial Group.

Mexican Peso Weighs on Emerging FX After Fed Meeting Minutes

(Bloomberg) -- The Mexican peso was the biggest loser among emerging-markets currencies on Wednesday as investors assessed a range of risks — from local politics to a frailer US economy. Most Read from BloombergThe Serious Work That Free Play Can DoThe peso trimmed some losses after weakening as much as 2.2%. It took a leg down after minutes from the latest Federal Reserve meeting showed several officials saw a case for cutting interest rates last month. The Brazilian real and the Colombian peso

Dollar drops as jobs revised lower, some Fed officials wanted July cut

The release comes before a highly anticipated speech by Federal Reserve Chair Jerome Powell at the Kansas City Fed's Jackson Hole economic symposium on Friday, which will be watched for any new clues on his view of the labor market. "It probably puts more weight on Powell's appearance at Jackson Hole," said Vassili Serebriakov, an FX strategist at UBS in New York. Markets are looking for clarity on the likely size of a rate cut at the Fed's Sept. 17-18 meeting, and whether borrowing costs are likely to be lowered at each subsequent Fed meeting.

Fed Minutes Show Several Saw Case for Cutting Rates in July

(Bloomberg) -- Several Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their July 30-31 meeting before the central bank’s policy committee voted unanimously to keep them steady.Most Read from BloombergThe Serious Work That Free Play Can Do“Several observed that the recent progress on inflation and increases in the unemployment rate had provided a plausible case for reducing the target range 25 basis points at this meeting or that they could have su

Gold Near Record as Jobs Revision, Fed Minutes Support Rate Bets

(Bloomberg) -- Gold traded near a record high as Federal Reserve minutes and a downward revision of US payrolls reinforced expectations that policymakers will cut interest rates in September.Most Read from BloombergThe Serious Work That Free Play Can DoSeveral Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their July 30-31 meeting before the central bank’s policy committee voted unanimously to keep them steady. Swap traders now expect a quarter-po

Fed minutes: Most officials favored a rate cut in September if inflation continued to cool

Most Federal Reserve officials agreed last month that they would likely cut their benchmark interest rate at their next meeting in September as long as inflation continued to cool. The minutes of the Fed’s July 30-31 meeting, released Wednesday, said the “vast majority" of policymakers “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.” In July, the policymakers kept their benchmark rate at 5.3%, a near-quarter-century high, where it's stood for more than a year.

Ovintiv Explores Sale of Oil Operations in Uinta Basin

(Bloomberg) -- Ovintiv Inc. is considering a possible sale of its operations in the Uinta Basin, which could fetch as much as $2 billion, people with knowledge of the matter said.Most Read from BloombergThe Serious Work That Free Play Can DoDenver-based Ovintiv is working with an adviser to gauge buyer interest in the asset, the people said, asking not to be identified discussing confidential information. Ovintiv’s operations in the Central Basin of Utah involves drilling in about 2,600 feet of

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