EUR/USD moved higher and attempted to stay above 1.0500 during European trading hours on Thursday (5/12). The major currency pair strengthened slightly as investors tried to recover from the anticipated collapse of Michel Barnier's three-month-old government after it lost a no-confidence motion brought by a coalition of right-wing and left-wing politicians. The dismantling of the French government has plunged the economy into a deeper crisis by limiting its capacity to tame a burgeoning fiscal deficit. Right-wing and left-wing lawmakers backed the no-confidence motion against Barnier after...
Oil prices were mostly steady on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group will do next on supply cuts while also monitoring geopolitical tensions in the Middle East. Brent crude futures were up 5 cents, or 0.07%, at $72.36 a barrel by 0730 GMT, while U.S. crude futures were at $68.60 a barrel, up 6 cents, or 0.09%. Both benchmarks fell nearly 2% on Wednesday. A bank sold a large number of U.S. futures contracts in afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices lower. The...
Gold steadied after a modest gain as the market digested remarks from the head of the Federal Reserve before data that may influence the central bank's next interest-rate decision. Bullion traded near $2,645 an ounce after Fed Chair Jerome Powell said he expects officials can move cautiously as they continue to lower rates. US nonfarm payroll figures due Friday are the next major data point before policymakers meet on Dec. 17-18 in Washington, with swaps markets pricing in a 25-point cut. Gold has scope to push higher next year, likely hitting a...