Oil prices are headed for a second weekly decline as concerns over a growing oversupply outweigh geopolitical risks to supply. Brent crude edged up to $60 a barrel on Friday but is still down about 2% for the week, while West Texas Intermediate is trading near $56 a barrel. Ukraine attacked an oil tanker linked to a shadowy Russian fleet in the Mediterranean Sea, a new escalation in a series of attacks on ships that help Moscow export oil. Despite these risks, nearly all of the world's largest traders see the market in oversupplied territory by early next year, with industrial giant...
U.S. President Donald Trump's decision to ramp up arms shipments to Ukraine is a signal to Kyiv to abandon peace efforts, Russia said on Thursday, vowing it would not accept the "blackmail" of Washington's new sanctions ultimatum. Trump announced a toughened stance on Russia's war in Ukraine on Monday, setting a 50-day deadline for Moscow to reach a ceasefire or face sanctions. The U.S. also promised more missiles and other weaponry for Kyiv. Maria Zakharova, a spokeswoman for the Russian Foreign Ministry, condemned the move. "It is obvious that the Kyiv regime consistently perceives such...
Federal Reserve Governor Adriana Kugler said the US central bank should keep interest rates steady "for some time," citing accelerating inflation as tariffs begin to push up prices. "Given the stability on the employment side of our mandate, with the unemployment rate remaining at historic lows, near-term inflation expectations high, and goods inflation rising due to rising tariff pressures, I feel it is appropriate to keep our benchmark interest rate at its current level for some time," Kugler said Thursday in prepared remarks for an event in Washington hosted by the Housing Partnership...
Unemployment claims fell 7,000 to 221,000 in the week ending July 12, compared with the median estimate of 233,000, according to Labor Department data. The estimated range was 220,000-240,000 according to 43 economists. The previous week's claims were revised up to 228,000 from 227,000. The 4-week moving average was 229,500 in the week ending July 12. Actual unadjusted initial claims were 260,900 vs. 241,400 in the previous week. Continuing claims rose 2,000 to 1.956 million in the week ending July 5. (alg) Source: Bloomberg
Retail sales in the US increased 0.6% month-on-month to $720.1 billion in June, the US Census Bureau reported on Thursday. This figure follows a 0.9% decline reported in May and was better than market expectations of a 0.1% increase. On an annual basis, retail sales rose 3.9% in June, compared to 3.3% in May. "Total sales for the period April 2025 to June 2025 increased 4.1% compared to the same period last year," the press release stated. (alg) Source: FXstreet
What are the market implications of a potential early departure of Fed Chairman Powell? This scenario seemed improbable, but for an hour on Wednesday afternoon, it seemed very real. It was initially reported that a letter had been prepared by Trump and delivered to Republican policymakers, and at one point the White House confirmed that Trump would fire Powell. Shortly thereafter, Trump said it was "unlikely" he would fire Powell, notes ING FX analyst Chris Turner. Potential for USD consolidation or slight appreciation "In that hour, we saw the reaction we expected: a steepening of the US...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that group." He noted these are "not big countries" with limited trade ties to the U.S., unlike China or Japan. All nations have faced a 10% baseline tariff since April, though Trump has hinted it could rise to 15–20%, without confirming specifics. About two dozen countries, including the EU, Japan, and South Korea, have already received individual letters with tariff rates effective August 1,...
Australia is set to release the June employment report on Thursday at 1:30 GMT. The Australian Bureau of Statistics (ABS) is expected to announce that the country added 20,000 new job positions in the month, reversing the 2,500 lost positions announced in May. The Unemployment Rate is foreseen steady at 4.1%, while the Participation Rate is also expected to remain unchanged at 67%. Ahead of the announcement, the Australian Dollar (AUD) is under strong selling pressure amid fears dominating financial boards. Australian ABS reports both full-time and part-time positions through the monthly...
President Donald Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday. "We have some pretty good deals to announce," Trump told reporters at the start of a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa at the White House. He said he would also discuss trade issues with the Bahraini leader. "The big one really is going to be on the 150 countries that we're really not negotiating with, and they're smaller -- we don't do...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....