Gold prices fell during the North American session as traders seeking safety bought the greenback as US Treasury yields rose to their highest level since November 2023. At the time of writing, XAU/USD was trading at $2,657 after failing to break through $2,700, down 1.20%. A thin economic data on Monday left investors digesting the latest US Nonfarm Payrolls figures for December. While the economy performed better than expected, with the figure rising by 256K beating estimates of 160K and 212K in November, traders are eyeing the release of US inflation data. On Wednesday, the Consumer...
EUR/USD continued to explore the bearish side of the chart on Monday (14/1), dropping to the 1.0200 level for the first time since late 2022, carving a fresh 26-month low before staging a half-hearted recovery later in the day. European economic data remained sluggish throughout the trading week. The European Central Bank (ECB) is set to continue lowering interest rates, further widening the euro's interest rate differential against the US dollar. Final pan-EUR and German inflation figures due mid-week are not expected to deviate significantly from the preliminary figures. The US Producer...
West Texas Intermediate (WTI), the US crude benchmark, was trading around $77.25 on Tuesday (14/1). WTI prices rose to their highest since Oct. 8 as US sanctions on Russian oil threatened to tighten global supplies. The US administration of President Joe Biden has imposed new sanctions on Russian oil giants Gazprom and Surgutneftegaz, as well as 183 oil tankers, often referred to as Russia's ‘Shadow Fleet'. Growing concerns over supply disruptions could support the black gold in the near term. "Supply is the key near-term driver, with Biden's new sanctions on Russia's two major oil...