Dollar ended a four-week winning streak as commodities traded in mixed fashion. Oil rose sharply, while nickel led gains across major base-metal contracts and silver posted weekly losses in both U.S.
Ferrous contracts were mostly higher.
Precious metals diverged.
Oil prices climbed in both markets. The move came as traders assessed Middle East supply risks and concerns about Russian flows.
The currency move followed a week in which stronger inflation readings increased expectations for additional Federal Reserve tightening, while falling Treasury yields and concerns about debt financing tied to artificial-intelligence companies weighed on the dollar. One economist team raised its inflation outlook and projected quarter-point rate increases in December and January, followed by an extended hold at a 4. 25%-4. 50% federal-funds target range. Market pricing placed the largest probability on a cumulative 25-basis-point increase by December, with a smaller probability assigned to a 50-basis-point move.
China’s commerce and science ministries also announced plans to revise the catalogue governing technologies barred or restricted from export, with proposed additions covering selected artificial-intelligence, biomedical and photovoltaic technologies. The proposal was part of the wider policy backdrop for the trading session, alongside upcoming central-bank speeches, economic briefings and financial meetings in Asia, Europe and the United States.