Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Washington's move, associated with tightening oversight and enforcement of sanctions on Russian oil shipments, is viewed by Moscow as provocative and could worsen relations between the two countries. Russia views these actions as an attempt by the United States to suppress Russian energy exports and strengthen its dominance in the global oil market. Meanwhile, Washington argues that these measures...
Gold rose to a near two-month high on Monday, as escalating clashes between Israel and Iran over the weekend stoked fears of a wider regional conflict, prompting investors to turn to safe-haven assets. Spot gold was little changed at $3,428.89 an ounce, at 0508 GMT, after hitting its highest since April 22 earlier in the session. U.S. gold futures fell 0.1% to $3,448.10. "The compounding political risk premium that has risen due to the current Iran-Israel conflict has boosted safe-haven demand for gold," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. "Currently, prices...
The USD/CHF pair strengthened around 0.8125 during the early European session on Monday (6/16), supported by a rebound in the US dollar (USD). Investors await the Swiss May Producer and Import Prices and SECO Economic Forecast, due to be published on Monday. Friday's stronger-than-expected US economic data lifted the greenback against the Swiss franc (CHF). The University of Michigan Consumer Sentiment Index improved to 60.5 in June, compared to 52.2 in the previous reading. The reading was stronger than the expected reading of 53.5. Meanwhile, the US Dollar Index (DXY), a gauge of the...
Oil prices were volatile on Monday, after jumping 7% on Friday, as fresh attacks by Israel and Iran over the weekend raised concerns that fighting could spread across the region and significantly disrupt oil exports from the Middle East. Brent crude futures rose 64 cents, or 0.86%, to $74.87 a barrel by 0507 GMT, while U.S. West Texas Intermediate crude rose 76 cents, or 1.04%, to $73.74. Oil prices had jumped more than $4 a barrel earlier in the session and also briefly dipped into negative territory. Both benchmarks closed 7% higher on Friday, after jumping more than 13% during the...
Silver (XAG/USD) prices moved lower to around $36.20 during Asian trading hours on Monday (6/16). The recovery in the greenback weighed on the USD-denominated commodity. However, the downside potential seems limited amid rising geopolitical tensions in the Middle East. Upbeat US economic data released on Friday could provide some support to the US Dollar (USD). The University of Michigan Consumer Sentiment Index improved for the first time in six months, with the index rising to 60.5 in June from 52.2 in the previous reading. This reading was above the market estimate of 53.5. On the other...
The Japanese Yen (JPY) weakened for the second straight day on Monday (6/16), pushing the USD/JPY pair to the 144.75 area during the Asian session, albeit without any follow-through. Expectations that the Bank of Japan (BoJ) may not raise interest rates again this year, along with a generally positive tone around equity markets, undermined the safe-haven JPY. However, investors seemed confident that the central bank will stick to its path towards policy normalization amid broadening inflation. This, along with rising geopolitical tensions in the Middle East, should help limit any deeper...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
European stock indices closed marginally lower on Wednesday as equities took a breather from their recent strong momentum, while investors continued to assess the outlook for the ECB's policy this...
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds.
Equity markets...