The Japanese Yen (JPY) kicks off the new week on a softer note as the latest optimism over a trade deal between the US and the European Union (EU) undermines traditional safe-haven assets. Furthermore, reduced bets for an immediate interest rate hike by the Bank of Japan (BoJ), amid signs of cooling inflation in Japan and domestic political uncertainty, keep the JPY bulls on the defensive. Meanwhile, Japan's trade deal with the US keeps the door open for an imminent BoJ rate hike this year, which, in turn, is seen acting as a tailwind for the JPY. This, along with subdued US Dollar (USD)...
Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded above $65. The EU faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement. Trump's trade policies and threats of retaliation from targeted countries have raised concerns about the outlook for global economic growth, weighing on oil and...
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Brent crude futures inched up 20 cents, or 0.29%, to $68.64 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude stood at $65.31 a barrel, up 15 cents, or 0.23%. The US-European Union trade deal and a possible extension in the US-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. "With...