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The price of Lithium- a key ingredient in electric vehicle batteries- hit a fresh two-year low last week on growing concerns about the weaker demand outlook from China, and the global EV industry, together with the oversupplied conditions and the surging stockpiles
The price of the yellow metal fell as low as $1,875/oz, or down 1.3% on Thursday morning, posting the lowest level since mid-March 2023 on a surging U.S. dollar and bond yields, reflecting the prospects of higher-for-longer U.S. rates and fewer rate cuts next year.
The Pound Sterling hit a fresh six-month low of $1.2220 per dollar on Monday morning, heading for a more than 3% decline in September so far, its worst monthly performance this year, on the back of the Bank of England’s pause on its rate-hike cycle.
OPEC+ production cuts, low global oil inventories, and the surging global petroleum demand have helped the Brent crude oil prices to climb as high as $95/b, while the U.S.-based WTI is trading above the $91/b level for the first time since early-November 2022.
The beaten-down Japanese Yen bounced back on Monday morning, gaining over 1% to ¥146 per dollar following the hawkish comments from BoJ’s Governor Ueda and a weaker dollar ahead of this week’s U
The U.S. dollar shines again as the DXY-U.S. dollar index, which tracks the value of the greenback against six major peers, hit a six-month high of 105 on Friday morning following the better-than-expected U.S. ISM Services PMI readings in August.