Interest rates news

At the end of last week, the US dollar strengthened against other major currencies as the likelihood of a 50-basis point interest rate cut in November diminished.

At the beginning of this week, the price of gold retreated to below $2,642 per ounce, continuing its decline from record highs in the wake of indicators of a strong US Labor market, which reduced the likelihood of the Federal Reserve continuing to aggressively cut US interest rates.

The USD/ZAR has traded higher in the past handful of days as a combination of risk adverse sentiment, U.S interest rates concerns, and domestic news effect financial institutions.

The jump in hiring will ease fears of a downturn but raises questions over the path for interest rates.

Bank of England interest rates affect the mortgage, loan and savings rates for millions of people.

The US dollar is seeing increased demand at the start of the new month and quarter, buoyed by the latest guidance from Federal Reserve Chair Jerome Powell regarding US interest rates.

The Japanese yen fell below 144 against the US dollar, falling for the second consecutive session, after US Federal Reserve Chairman Jerome Powell dismissed bets on further large cuts to US interest rates.