It was quite an eventful week (ended September 26) for commodities, as supply-side concerns and growing expectations of more Federal Reserve rate cuts in 2025 fuelled an impressive rally across the board.

The US dollar extended its recovery from the lowest levels since March 2022, closing the week above 98 as traders digested mixed signals from Federal Reserve officials. Fed Chair Jerome Powell reiterated the need to balance inflation risks against a slowing labour market, making it clear he would not pre-commit to further rate cuts without sufficient supporting data. In contrast, Fed Governor Michelle Bowman supported more cuts, citing a weakening jobs market, while inflation remained a key concern for other Fed officials, including Raphael Bostic and Austan Goolsbee.

All three major US

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