Oil prices slid to more than three-month lows on concern over waning US and Chinese demand, while gold prices retreated for a third straight session as yields on the short end of US Treasuries rose and on longer-dated notes fell.Disclaimer: thisAussie dollar: Down 0.5 per cent to 64.02 US centsIn Europe: Stoxx 50 up 0.3 per cent, FTSE down 0.1 per cent, DAX up 0.5 per centBrent crude: Down 2.1 per cent to $US79.
The dollar also has rebounded from last week's sharp selloff amid rising confidence the Fed has ended raising rates, though there is less agreement on whether a rate cut is on the horizon with inflation still above the US central bank's 2 per cent target. "A lot of the questions that we were asking that drove yields higher we're still asking," he said, referring to the bond rally that raised the 10-year yield above 5 per cent two weeks ago. Bond prices move inversely to their yield.
Markets are pricing in an almost 50 per cent chance of a rate cut of at least 25 basis points as soon as May, according to the CME Group's FedWatch Tool, compared with about 41 per cent a week earlier.
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