MARKET UPDATE

Gold Up, Dollar and U.S. Yields Also Resume Climb

Gold was up on Tuesday morning in Asia, even as the dollar slowly resumed an upward trend and U.S. Treasury yields resumed their climb.

Gold futures gained 0.48% to $1,882.65 by 12:36 AM ET (4:36 AM GMT). The dollar, which normally moves inversely to gold, inched up on Tuesday after falling from near 20-year highs on Monday.

 

Oil prices ease as EU struggles to seal Russia import ban

Oil prices eased on Tuesday as Hungary resisted a European Union push for a ban on Russian oil imports, a move that would tighten global supply, and as investors took profits following a recent rally.

Brent crude futures fell 22 cents, or 0.2%, to $114.02 a barrel by 0327 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 35 cents, or 0.3%, to $113.85 a barrel. Both benchmarks gained more than 2% on Monday, following a 4% jump on Friday.

 

Dollar knocked from 20-year high; yuan slide pauses

The dollar fought for a footing on Tuesday and the tumbling Chinese yuan found a floor as investors trimmed bets on whether U.S. interest rate rises will drive further dollar gains.

The greenback has edged from a two-decade high this week and was a touch softer across the board in early Asia trade, while U.S. bond yields have pulled back slightly as traders reckon aggressive near-term hikes will drag on longer-run U.S. growth.

The euro rose about 0.1% on the dollar to $1.0446 and the Australian and New Zealand dollars lifted about 0.1% and are off multi-year lows.

 

Cryptoverse: Stablecoins wend wobbly way into the unknown

Stablecoins, the safe and strait-laced cousins of crypto, are looking distinctly dicey.

Tether, USDC and others lost their prized pegs to the dollar last week in a bout of market mayhem that shook faith in these coins that were designed to sidestep crypto volatility. But was it an isolated outburst, or are they losing their soul?

Major stablecoins swung between roughly $0.95 and $1.02 last week, according to data provider Coinmarketcap, after having maintained their peg to within a cent previously in 2022.

 

 

 

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