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...
A Bloomberg gauge of the dollar dropped amid a fragile ceasefire between Iran and Israel. The US currency trimmed losses after Federal Reserve Chair Jerome Powell said that the central bank is in no rush to lower borrowing costs. The Bloomberg Dollar Spot Index falls 0.4% and trades off day's low; still heads for its biggest daily decline since June 12 as options sentiment sours on US currency. Powell in prepared remarks to Congress ahead of testimony later Tuesday: "For the time being, we are well positioned to wait to learn more about the...
Oil tumbled nearly 4%, global shares surged and the dollar dropped on Tuesday as markets took heart from a ceasefire between Israel and Iran and shrugged off what U.S. President Donald Trump said were violations by both sides. Brent futures had already slid 7% on Monday and U.S. shares jumped after Iran made only a token retaliation against a U.S. base to an attack over the weekend, and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, the Brent benchmark touched its lowest since June 11 and was last at $68.81 a barrel,...
Gold dropped more than 1% to touch a two-week low on Tuesday, after President Donald Trump's announcement of a ceasefire between Israel and Iran diminished bullion's safe-haven appeal. Spot gold was down 1.2% to $3,326.87 an ounce, as of 0852 GMT, after hitting its lowest level since June 11 earlier in the session. U.S. gold futures slipped 1.6% to $3,339.40. "Gold prices are trending lower today, driven by a shift towards greater risk appetite, as optimism grows over a potential end to hostilities in the Middle East," said Ricardo Evangelista, senior analyst at the brokerage firm...
The U.S. dollar fell on Tuesday after President Donald Trump announced a ceasefire between Israel and Iran, in news that sparked a risk rally and a sharp drop in oil prices. Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that led millions of people to flee Tehran and prompted fears of further escalation in the war-torn region. Israel has agreed to Trump's proposal, saying it has achieved its goal of removing Tehran's nuclear and ballistic missile threat. The yen and euro benefited from a sharp fall in oil prices as both the European...
Oil fell as U.S. President Donald Trump announced a ceasefire between Iran and Israel. Brent futures plunged more than 5%, falling below $68 a barrel, as Israel said it had agreed to the move. The decline — which followed a volatile session on Monday that ended with a sharp loss — took prices below levels seen on June 12, the day before Israel attacked Iran. Gold fell as demand for safe-haven assets declined. In a move that would lower the risk premium on crude, Trump first said that Israel and Iran had agreed to a "total ceasefire," according to a Truth Social post, then followed up by...
Gold (XAU/USD) prices maintained its bid tone through the Asian session and is currently trading just above the near two-week low touched on Tuesday morning. The renewed optimism fueled by US President Donald Trump's announcement that a ceasefire has been brokered between Iran and Israel turned out to be a key factor that dented the demand for the precious metal as a safe haven. However, the prevalent selling bias in the US Dollar (USD) could provide some support to the commodity and help limit further losses. Mixed US PMI data and dovish remarks from Federal Reserve (Fed) officials...
The USD/CHF pair remained pressured for the second straight day and dropped to its lowest level in over a week during the Asian session on Tuesday (6/24) amid a weaker US Dollar (USD). However, the spot prices lacked any follow-through selling and managed to hold above the 0.8100 mark. Traders increased their bets for a potential interest rate cut by the Federal Reserve (Fed) in July following the release of mixed US PMIs and dovish-sounding remarks from influential FOMC members on Monday. Moreover, optimism led by US President Donald Trump's announcement that Israel and Iran have agreed to...
The GBP/USD pair gained traction around 1.3560 during the early European session on Tuesday, supported by a weaker US Dollar (USD). Traders will be eyeing Bank of England (BoE) Governor Bailey's speech, along with Federal Reserve (Fed) Chairman Jerome Powell's semi-annual testimony later on Tuesday. Federal Reserve (Fed) Governor Michelle Bowman said on Monday that she would support a rate cut at the next policy meeting in July as long as inflationary pressures remain contained. Bowman's comments echoed those of Fed Governor Christopher Waller, who said on Friday that he believes the US...
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....