West Texas Intermediate (WTI), the US crude oil benchmark, traded around $65.65 at the start of the Asian trading session on Tuesday (August 5). WTI traded slightly lower after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to another significant production increase in September. OPEC+ met virtually on Sunday and agreed to increase oil production by 547,000 barrels per day (bps) for September amid growing concerns over potential supply disruptions related to Russia. The group began increasing production in April with a modest increase of 138,000 bpd,...
The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, traded negative around 98.70 at the start of Tuesday's Asian trading session. Traders await the release of the US ISM Services Purchasing Managers' Index (PMI) on Tuesday for further impetus. US Nonfarm Payrolls (NFP) rose by 73,000 in July, compared to a 14,000 increase (revised from 147,000) previously, according to the US Bureau of Labor Statistics (BLS) on Friday. This figure was below the market consensus of 110,000. Meanwhile, the US Unemployment Rate edged up to 4.2% in...
Silver prices (XAG/USD) traded slightly after rising in the previous two sessions, trading around $37.50 per troy ounce during the Asian session on Tuesday (August 5). This non-yielding silver could attract buyers amid growing expectations of a rate cut by the US Federal Reserve (Fed) in September. According to the CME FedWatch Tool, the market is pricing in a 91.6% chance of a Fed rate cut next month, driven by weaker labor market data that has raised concerns about the US economic outlook. Federal Reserve Bank of San Francisco President Mary C. Daly said Monday evening that while there...