Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
The dollar weakened on Wednesday (August 20th) after US President Donald Trump called for Federal Reserve Chairwoman Lisa Cook to resign. Investors are also awaiting a speech by Fed Chairwoman Jerome Powell on Friday for clues on interest rate policy. Trump cited calls from the head of the US Federal Housing Finance Administration urging the Justice Department to investigate Cook for alleged mortgage fraud. Spokespeople for Cook and the Fed did not immediately respond to requests for comment. "The market has made it clear in its conscience that it doesn't like it when the president...
Gold edged higher as traders weighed the outlook for US monetary policy ahead of a key speech by Federal Reserve Chairman Jerome Powell later this week. Gold bullion prices traded near $3,330 per ounce as the market awaited clues from Powell's annual speech in Jackson Hole, Wyoming, on Friday. Swaps predict a high probability that the Fed will cut borrowing costs by a quarter point next month. Lower interest rates benefit gold because it doesn't pay interest. However, the Fed's monetary easing path was complicated by higher-than-expected inflation figures last week, which caused some...
The AUD/USD pair weakened for the third consecutive trading day on Wednesday (August 20th). The Australian currency pair slumped near 0.6425 as antipodean currencies underperformed their peers. The Australian dollar faced sharp selling pressure as financial market participants expected the Reserve Bank of Australia (RBA) to cut interest rates again for the remainder of the year. Dovish bets from the RBA intensified as inflation in Australia has approached the central bank's desired range of 2%-3%. Earlier, the People's Bank of China (PBOC) maintained its benchmark interest rate. China's...
The pound (GBP) attracted significant buying interest against other major currencies on Wednesday as the UK Consumer Price Index (CPI) data for July showed a larger-than-expected increase. The Office for National Statistics (ONS) reported that headline inflation rose at an annual rate of 3.8%, faster than the 3.7% expected and the 3.6% in June, a key factor that will allow the Bank of England (BoE) to maintain its "gradual and cautious" monetary expansion guidance going forward. Core CPI - which excludes volatile items such as food, energy, alcohol, and tobacco – grew at a faster rate of...
Gold edged higher on Wednesday (August 20th) but remained near a three-week low, as investors awaited the minutes of the Federal Reserve's July meeting and this week's Jackson Hole, Wyoming, central banking symposium for clues on further interest rate cuts. Spot gold rose 0.2% to $3,321.33 an ounce, as of 08:32 GMT, after hitting its lowest level since August 1st. U.S. gold futures for December delivery rose 0.2% to $3,364.20. The U.S. dollar index steadied after hitting a more than one-week high earlier in the session, making gold more expensive for holders of other currencies. "Spot gold...
Oil prices rose on Wednesday as the American Petroleum Institute reported a decline in U.S. crude inventories, and investors awaited the next steps in negotiations to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Crude prices fell more than 1% on Tuesday amid optimism that a deal to end the war appeared closer. However, U.S. President Donald Trump acknowledged that Russian President Vladimir Putin may not want to reach a deal. Brent crude rose 55 cents, or 0.8%, to $66.34 a barrel at 08:12 GMT. U.S. West Texas Intermediate crude for September delivery,...
Gold (XAU/USD) hits a nearly three-week low during the Asian session on Wednesday, with the bears now awaiting a sustained break below the 100-day Simple Moving Average (SMA) before positioning for further losses. The US Dollar (USD) is seen prolonging its steady uptrend for the third straight day amid diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, is seen as a key factor undermining the non-yielding bullion. Apart from this, hopes for a Russia-Ukraine peace deal exert additional downward pressure on the safe-haven Gold. Moving ahead,...
Silver prices slid toward $37 per ounce on Wednesday, marking their lowest level in more than two weeks as the dollar firmed ahead of key Federal Reserve events. Investors are awaiting the release of the July Fed meeting minutes, which will be closely scrutinized after the gathering saw the first policy dissents since 1993. Fed governors Christopher Waller and Michelle Bowman favored a quarter-point rate cut over leaving rates unchanged, underscoring divisions within the committee. Focus will then shift to Fed Chair Jerome Powell's remarks at the Jackson Hole symposium, with markets...
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....