Sterling drops as election uncertainty lingers
The British pound retreated today amid lingering uncertainty over the UK's early general election set for next month, in addition to renewed concerns over the US-China trade war.
Brexit Party leader Nigel Farage said that he expects the Conservative Party to win the parliament majority in the next election at December 12.
Farage added that PM Boris Johnson might bag a slight majority, but the Conservatives will likely vote on his exit deal from the EU at January 31.
Otherwise, US President Donald Trump renewed his threats to increase tariffs against Chinese goods, if China didn't sign the first phase of the trade agreement.
As for trading, GBP/USD fell by 0.2% to 1.2925 as of 20:22 GMT, the pair hit an intraday high of 1.297 and a low of 1.291.
Dollar holds despite Trump's threats against China
The US dollar held steady against most major currencies today despite President Donald Trump's tariffs threats against China.
President Donald Trump threatened to increase tariffs against Chinese imports, if Beijing does not sign the first phase of the trade deal.
Which came amid Chinese concerns about Trump's tough stance toward canceling the Chinese tariffs or even the planned hike.
Otherwise, the Federal Reserve meeting minutes will be released tomorrow, amid investors anticipation for insights about the meeting that resulted in the third rate cut in 2019.
Fed Chair Jerome Powell said that the Fed will hold rate cuts in the near-term to assess implications of this year's three cuts on the US economy.
The dollar index held against a basket of major currencies at 97.8 points as of 19:07 GMT, and hit an intraday high of 97.8 and a low of 97.7.
Silver ends higher on renewed trade anxiety
Silver prices soared today and posted back-to-back gains, buoyed by increased safe-haven demand on precious metals while equities reeled, amid renewed trade worries after new threats about the US-China trade talks.
US President Donald Trump has warned China to increase tariffs on its exports to the United States if it does not sign the first phase of the final trade deal.
President Donald Trump threatened to increase tariffs against Chinese imports, if Beijing does not sign the first phase of the trade deal.
Similarly, the Chinese stressed concerns about Trump administration's tougher stance toward canceling the Chinese tariffs or even the planned tariffs hike.
Otherwise, the dollar index held against a basket of major currencies at 97.8 points as of 20:48 GMT, and hit an intraday high of 97.8 and a low of 97.7.
Silver futures for December delivery rose by 0.7% and settled at $17.118 an ounce, with a high of $17.16 and a low of $16.935.
US crude drops 2.2% ahead of inventories data
Oil prices fell today to deepen losses ahead of the US crude inventories data and amid anticipation for OPEC meeting scheduled for next month.
Several news agencies reported that the Russian government is unlikely going to agree on more output cuts under the OPEC agreement in the next OPEC's meeting by December in Vienna.
The American Petroleum Institute (API) will release its preliminary data on the US crude inventories later today, while the US Energy Information Administration (EIA) will unveil the official data tomorrow.
Otherwise, the dollar index held against a basket of major currencies at 97.8 points as of 17:10 GMT, and hit an intraday high of 97.8 and a low of 97.7.
As for oil, the US crude benchmark (WTI) shed 2.2% to $55.7 a barrel as of 17:03 GMT, with a session-high $57.1, and a low of $55.5.
Brent lost 1.7% to $61.3 a barrel, with a high of $62.5 and a low of $61.1.