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Ripple rallies over 4% amid mixed crypto performance
Cryptocurrencies were mixed on Monday as traders await a speech by Fed Chair Jerome Powell later this week in Jackson Hall.
Later this week, the Fed will release the minutes of its July meeting to gauge the path ahead for US monetary policies.
According to the Fedwatch tool, there’s a 77.5% chance of a 0.25% Fed rate cut in September, and a 22.5% chance of a 0.5% rate cut.
Ripple
On trading, Ripple rose 4.1% as of 21:18 GMT on Coinmarketcap to 0.597.
Dollar declines as eyes focused on Powell's speech
The US dollar fell against most major rivals on Monday as markets await upcoming remarks by Federal Reserve Chair Jerome Powell.
Later today, the Fed will release the minutes of its July meeting to gauge the path ahead for US monetary policies.
According to the Fedwatch tool, there’s a 77.5% chance of a 0.25% Fed rate cut in September, and a 22.5% chance of a 0.5% rate cut.
On trading, the dollar index fell 0.6% as of 20:41 GMT to 101.8, with a session-high at 102.4, and a low at 101.8.
Aussie
The Australian dollar rose 0.9% against its US counterpart as of 21:11 GMT to 0.6732.
Loonie
The Canadian dollar rose 0.3% as of 21:11 GMT to 0.7334.
Oil extends losses, Brent dips below $78 a barrel
Oil prices fell on Monday and extended the losses as analysts monitor the ongoing ceasefire negotiations in the Middle East, and amid concerns about receding Chinese demand.
Nissan Securities’ analysts told Reuters that concerns about Chinese demand caused a selling movement in the oil market, coinciding with the near end of the US summer driving season.
On trading, Brent October futures fell 2.55% today, or $2.02 to $77.66 a barrel.
US crude futures due in September closed down 2.95%, or $2.28 to $74.37 a barrel.
Gold marks fresh record high as dollar declines
Gold prices rose on Monday as the dollar lost ground against most major rivals, boosting gold towards its fifth record close since the start of August.
Now markets await the Federal Reserve’s policy meeting later this week, to gauge the likely path ahead for policies.
Markets also await Fed Chair Jerome Powell’s speech at Jackson Hall next Friday.
Separately, the dollar index fell 0.6% today to 101.8 as of 20:41 GMT, with a session-high at 102.4, and a low at 101.8.
On trading, gold spot prices rose 0.2% as of 20:42 GMT to $2542.5 an ounce.