Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on Thursday. The attacks have halted operations at Primorsk, the region's main oil loading port, and three pumping stations that deliver crude to the Ust-Luga hub, a source familiar with the situation said. This increased risk premium offsets the International Energy Agency's (IEA) projection for a record-breaking oil supply surplus next year. The IEA's...
The EUR/USD is trading practically flat on Wednesday, just below a multi-year high near 1.1640, last seen in November 2021, consolidating gains after a nearly 1.40% rally in the previous two days. A moderate appetite for risk continues to drive markets, despite the fragility of the ceasefire between Israel and Iran, and is keeping the safe-haven US Dollar (USD) on its back foot. Oil prices have ticked up from Tuesday's lows butt remain well below the highs seen last week. Iran's Oil and Natural Gas facilities seem to have been little affected by the bombings, and Oil traffic through the...
Gold prices edged higher on Wednesday, supported by a pullback in the U.S. dollar and Treasury yields, as markets monitored the fragile truce between Israel and Iran. Spot gold was up 0.2% at $3,330.99 per ounce, as of 0658 GMT, after hitting on Tuesday its lowest level in more than two weeks. U.S. gold futures rose 0.3% to $3,345.00. The dollar index (.DXY), opens new tab hovered near a one-week low, making greenback-priced bullion more attractive for other currency holders. The benchmark 10-year Treasury yields remained near a more than one-month low. "The technical selling of the...
The US dollar struggled to regain lost ground on Wednesday as investors decided to take on more risk after a fragile ceasefire between Israel and Iran. Markets cheered and global stock indexes hit record highs overnight as a shaky truce brokered by US President Donald Trump held sway between Iran and Israel. Both countries signaled that their air war was over, at least for now, after Trump publicly rebuked them for violating the truce he declared. Investors sold the US dollar heavily after the news, having flowed into the safe-haven currency during the 12-day war between Israel and Iran...
The USD/CHF pair hit a fresh more than a decade low near 0.8034 during the Asian trading hours on Wednesday (6/25). The Swiss Franc pair faced sharp selling pressure as the US Dollar (USD) continued to underperform against its peers following the ceasefire between Israel and Iran. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, appears vulnerable near weekly lows around 98.00. The ceasefire agreement between Israel and Iran has reduced the demand for the US Dollar as a safe-haven asset. On Monday, the US Dollar strengthened sharply after the...
Gold rose on Wednesday as the U.S. dollar and Treasury yields fell, while market participants monitored a fragile ceasefire between Israel and Iran. Spot gold was up 0.2% at $3,328.89 an ounce, as of 0250 GMT, after hitting a more than two-week low on Tuesday. U.S. gold futures rose 0.3% to $3,343.00. The dollar index (.DXY), opens new tab , hovered near a one-week low, making bullion more attractive to holders of other currencies. The benchmark 10-year Treasury yield remained near a more than one-month low. "Technical selling in the U.S. dollar and weaker U.S. Treasury yields have...
Silver (XAG/USD) prices posted modest gains near $35.95 during the Asian session on Wednesday (6/25). A weaker US Dollar (USD) provided some support to the USD-denominated commodity prices. Traders are gearing up for Federal Reserve (Fed) Chairman Jerome Powell's testimony later on Wednesday. US consumer confidence fell again in June amid uncertainty over US President Donald Trump's trade policies. Data released by the Conference Board on Tuesday showed that the US Consumer Confidence Index fell to 93 in June, below market consensus. The downbeat US economic data dragged the US Dollar lower...
GBP/USD extended its gains for the third straight session, trading around 1.3620 during Asian hours on Wednesday (6/25). The pair was hovering around 1.3648, the highest since February 2022, recorded on Tuesday. The risk-sensitive GBP/USD pair received support from improving risk appetite amid easing tensions in the Middle East. US President Donald Trump announced that a ceasefire between Iran and Israel was in effect on Tuesday, raising hopes for an end to the 12-day conflict. However, caution remains amid uncertainty over the sustainability of the truce. Traders are likely to focus on a...
Oil prices edged up on Wednesday, finding some relief after falling in the past two sessions, as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude rose 75 cents, or 1.1%, to settle at $67.89 a barrel. U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 1.1%, to settle at $65.08. Brent closed on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on Iran's main military and nuclear facilities on June 13. Prices had risen to a five-month high after the U.S. struck Iranian nuclear facilities over...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....