Materials Gain as Dollar Slide Continues — Materials Roundup
Producers of metals and other raw materials rose slightly as the dollar continued to lose ground against rivals.
The perception that interest rates and inflation has peaked is driving a rout in the dollar, and boosting the price of commodities traded in the greenback.
"Wall Street seems convinced that the Fed has concluded the rate hiking cycle and will soon begin to cut rates even though various Fed officials continue to warn of rates remaining higher for longer and even possible rate hikes," said J.D. Joyce, president of financial advisory Joyce Wealth Management.
"Bully pulpit posturing to influence the markets or are we truly looking at higher rates for longer? Perhaps the recent minutes will provide some clues."
Train drivers at BHP Group's Australian iron-ore operations intend to begin industrial action in a dispute over working conditions that risks disrupting supplies of the steel ingredient from the world's top producing region.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
November 20, 2023 16:59 ET (21:59 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.