03/11/2026 – Daily Reports
- Oil: Crude prices dropped around 6% as renewed U.S.-Iran diplomatic efforts raised hopes of easing supply disruptions in the Middle East.
- Equities: Lower energy prices supported risk appetite, while AI investment concerns and this week’s major tech earnings remain key tests for equity markets.
- Gold & Silver: Gold slipped toward $3,927 and silver below $50 as investors awaited U.S. midterm election results. Despite Monday’s rebound, expectations of further Fed tightening remain a headwind.
- Copper, Platinum & Palladium: Copper retains longer-term support from tightening supply and concentrated inventories, while platinum and palladium struggle to sustain their recovery.
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Brent crude stabilised around $105 per barrel after plunging more than 7% in the previous session, as renewed diplomatic efforts between the US and Iran raised hopes of easing supply disruptions. Investors also turned their attention to the US midterm elections and the Treasury’s upcoming funding announcement, while the Reserve Bank of Australia raised interest rates by 25 basis points to 4.85%.
USD: A Democratic victory in both the House and Senate could trigger short-term downside pressure on the US dollar.
US Politics: Markets are pricing in a 74% probability of Democrats taking the Senate. A Democratic sweep could revive concerns over regulatory uncertainty, AI stocks, government funding and debt-ceiling negotiations.
EUR/USD is attempting to establish support around 1.120. Hawkish ECB commentary continues to reinforce expectations of at least one more rate hike, while elevated energy prices and French bond spreads remain challenges for the euro.
AUD: The RBA raised rates to 4.85%, but its dovish signals weighed on the Australian dollar. The 6–3 voting split, removal of further-hike language and weaker economic outlook suggest a more cautious policy stance.
