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The dollar has rallied, boosted by strong economic data and investors betting that Donald Trump can clinch next month’s presidential election, while gold prices hit a new all-time high amid rising geopolitical tensions in the Middle East.
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The dollar is up again today, as markets shortened the odds of a second Trump administration. Strong US jobs figures earlier this month drove investors to scale back their expectations for Federal Reserve rate cuts, also lifting the currency. The dollar index – which measures the US currency against six other major currencies – rose to 104.17, the highest since early August.
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Gold prices have hit a fresh record as the conflict in the Middle East along with uncertainty around US interest rates and the US election fuelled demand for safe-haven assets.
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Spot gold climbed to $2,752 an ounce, while silver prices also rose, by 3% to $34.78 an ounce.
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Over here, Lloyds Banking Group, Britain’s biggest mortgage lender, predicted higher house prices as it reported third-quarter profits ahead of expectations. Chief executive Charlie Nunn credited income growth, cost discipline and strong asset quality.
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It made a statutory pre-tax profit of £1.8bn between July and September, down a smidgen from £1.9bn a year ago, but above City forecasts of £1.6bn.
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The bank has raised its forecast for UK house prices to rise by 3.1% this year, compared with an earlier prediction of 1.9%.
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The Agenda
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Noon BST: US MBA Mortgage applications
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2.45pm BST: Bank of Canada interest rate decision
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3pm BST: European Central Bank president Christine Lagarde speech
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3pm BST: Eurozone Consumer confidence flash estimate for October
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3pm BST: US Home sales for September
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main events
Introduction: Trump Trade Fuels Dollar Rise, Gold Hits Record High. Lloyds beats profit forecasts
good morning. Welcome to our regular coverage of business, financial markets and the global economy.
The dollar rose on strong economic data and investor expectations. donald trump While there is a chance of victory in next month's presidential election, rising geopolitical tensions in the Middle East have sent gold prices to record highs.
The dollar is rising again today as markets reduce the chances of a second Trump administration. The currency was also boosted by strong U.S. jobs data earlier this month that prompted investors to dial back expectations for Federal Reserve interest rate cuts. The dollar index, which measures the U.S. currency against six other major currencies, rose to 104.17, its highest since early August.
Gold prices hit a new record as the Middle East conflict, as well as uncertainty surrounding US interest rates and the US election, stimulated demand for safe-haven assets.
Spot gold rose to $2,752 per ounce, while silver prices also rose 3% to $34.78 per ounce.
here, Lloyds Banking GroupBritain's biggest mortgage lender predicted higher house prices after reporting better-than-expected third-quarter profits. chief executive officer Charlie Nunn Credit income growth, cost discipline, and strong asset quality.
Statutory pre-tax profit for the July-September period was £1.8bn, down slightly from £1.9bn in the same period last year, but ahead of City's forecast of £1.6bn.
The bank said it expects UK house prices to rise by 3.1% this year, up from its previous forecast of 1.9%.
agenda
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Noon BST: US MBA Home Loan Application
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2:45pm BST: Bank of Canada interest rate decision
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3pm BST: European Central Bank President Christine Lagarde speech
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3pm BST: Eurozone Consumer Confidence Bulletin for October
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3pm (BST): September US home sales.
