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...
Oil edged lower on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty weighing on prices as well. Brent crude futures fell 1 cent to $64.85 a barrel at 0630 GMT. U.S. West Texas Intermediate crude lost 11 cents, or 0.2%, dropping to $62.74 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. [EIA/S] Adding to the weakness, Saudi...
GBP/USD retraces its recent gains from the previous session, trading around 1.3550 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) gains ground amid a technical correction. The downside of the pair could be limited as the Greenback may receive downward pressure from dampened risk sentiment amid rising tariff uncertainty and its potential to hurt growth in the US economy. Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) fell to 49.9 in May, from April's 51.6. This reading surprisingly fell short of the expected...
USD/CHF pair trades with caution near the six-week low around 0.8200 during late Asian trading hours on Thursday. Investors brace for significant volatility in the pair as the United States (US) Nonfarm Payrolls (NFP) data takes centre stage, which will reflect the current status of the labor market. The US Dollar (USD) fell sharply on Wednesday after the release of a string of disappointing US economic data for May, notably a sharp slowdown in the private sector labor demand. The ADP Employment Change data showed that the private sector added 37K fresh workers, the lowest reading seen...
The EUR/USD pair trades with caution, slightly above the key level of 1.1400 during Asian trading hours on Thursday. The major currency pair is expected to remain sideways, with investors awaiting the European Central Bank's (ECB) interest rate decision announcement at 12:15 GMT. The ECB is almost certain to reduce its key borrowing rates by 25 basis points (bps), a move that will lower the Deposit Facility Rate and Main Refinancing Operations Rate to 2% and 2.15%, respectively. This will be the seventh consecutive interest rate cut by the ECB and the eighth since June last year, when it...
Gold price (XAU/USD) edges lower following an Asian session uptick to the $3,384 area amid a slight US Dollar (USD) bounce, though the near-term bias seems tilted firmly in favor of bullish traders. Weaker-than-expected US economic data released on Wednesday boosted market expectations that the Federal Reserve (Fed) will lower borrowing costs further in 2025. This keeps the US Treasury bond yields depressed, which, along with US fiscal concerns, should cap the USD and lend support to the non-yielding yellow metal. Apart from this, persistent trade-related uncertainties and rising...
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...