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...
The dollar index fell to around 99.6 on Friday and was set to lose more than 1% for the week, weighed down by concerns over the US fiscal outlook. President Trump's new budget bill, which includes tax cuts and increased defense spending, has raised concerns that it could further inflate the US national debt. The Congressional Budget Office estimates the bill will add nearly $4 trillion to the national debt, fueling fears of long-term fiscal instability. These concerns were compounded by Moody's recent downgrade of the US credit rating from Aaa to Aa1, citing ballooning deficits and the...
WTI crude oil futures fell below $61 per barrel on Friday, heading for its first weekly decline in three, pressured by the potential for OPEC+ to raise crude production. The group is reportedly considering a third consecutive monthly increase in output quotas, possibly adding 411,000 bpd in July, though no agreement has been finalized. This adds to growing oversupply concerns, following an unexpected rise in US crude stockpiles earlier in the week. Data from The Tank Tiger also showed that US crude storage demand has recently surged to levels last seen during the COVID-19 pandemic, as...
Gold steadied after its first decline this week, as some traders turned to longer-term U.S. Treasury bonds and the dollar instead of the precious metal. Bullion traded near $3,300 an ounce, reversing gains made on Thursday, and is still up nearly 3% this week after buying the safe-haven asset following a Moody's downgrade of the U.S. rating. The world's largest economy faces a precarious fiscal situation, with a growing debt pile and rising interest payments that could lead to higher borrowing costs and make it harder to reduce the deficit. The precious metal has surged by about a quarter...
The Australian dollar (AUD) was under pressure again on Thursday (5/22) as the US dollar (USD) found its footing, with risk appetite fading and broader markets leaning towards the defensive. A strong surge in the US Dollar Index (DXY) weighed on the AUD, pushing AUD/USD down to 0.6415, a key support level that has acted as a floor in recent sessions. At the time of writing, the pair was trading around 0.6418, hovering just above its intraday low as sellers tested the resolve of near-term support. US dollar buoyed by strong data, but longer-term risks loom The Aussie's decline reflects...
Gold prices fell about 0.48% on Thursday (5/23) and failed to hold the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%. Market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add $4...
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...