EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair trades at 1.1736, virtually unchanged. Euro ends week modestly higher as soft US data cements rate cut bets, narrowing policy divergence with ECB US economic data continued to drive price action on Friday as Consumer Sentiment in September deteriorated, while inflation expectations remain above the Fed's 2% goal. This, and the payrolls revision...
The U.S. Dollar Index slumped to 98.8 on Wednesday, near a six-week low of 98.6 hit on Tuesday, as a batch of weak economic data raised fresh concerns about the U.S. outlook. The latest ISM services PMI showed the sector contracted in May for the first time in nearly a year, dragged down by a sharp decline in new business and a surge in input costs, likely driven by new tariffs. Separately, ADP data showed private employers added just 37,000 jobs in May, the slowest pace since March 2023 and well below the 115,000 forecast. In contrast, Tuesday's JOLTs report showed job openings...
Oil prices fell slightly on Wednesday after U.S. data showed a bigger-than-expected build in gasoline and diesel inventories, adding to supply concerns amid global trade tensions and ongoing OPEC+ production increases. Brent crude futures were down 28 cents at $65.35 a barrel by 10:44 a.m. EDT (1444 GMT). U.S. West Texas Intermediate crude futures were down 8 cents at $63.33. Crude inventories fell by 4.3 million barrels last week, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop. However, U.S....
Gold prices rose on Wednesday, boosted by a weaker dollar and continued geopolitical tensions on multiple fronts, keeping investors on guard amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index (.DXY), fell 0.5%, making bullion cheaper for buyers holding other currencies. "There's a fair amount of geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, which is encouraging people to buy gold. Market sentiment remains fairly high, and while...
Falling demand for U.S. dollar-denominated assets will push the greenback lower in coming months, according to FX strategists surveyed by Reuters, as concerns mount about the U.S. federal deficit and debt. U.S. President Donald Trump's erratic tariff policies, along with the House of Representatives recently passing a tax-cut and spending bill that would add $3.3 trillion to an already-enormous $36.2 trillion debt pile, have many investors worried. Long-term bond yields have soared on a rising 'term premium' – compensation for holding longer-duration debt – leading to swathes of asset...
Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude futures inched 6 cents higher, or 0.1%, to $65.69 a barrel by 1203 GMT. U.S. West Texas Intermediate crude was 8 cents higher, also around 0.1%, at $63.49. Plans by OPEC+ producers to again increase output by 411,000 barrels per day (bpd) in July were weighing on the market, said Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy. Yet there was some support as wildfires reduced Canada's...
Gold prices held steady on Wednesday as stronger U.S. jobs data countered safe-haven demand driven by simmering trade tensions between the U.S. and China. Spot gold was steady at $3,349.19 an ounce, as of 1145 GMT. U.S. gold futures were unchanged at $3,373.10. "U.S. labor data gave markets a bit of relief yesterday, causing a small dip in gold prices. However, tensions between the U.S. and China are still keeping risks high and gold prices supported," said Zain Vawda, market analyst at MarketPulse by OANDA. Job openings in the U.S. rose in April, though layoffs surged to their highest...
Silver prices (XAG/USD) correction from year-to-date highs below $35.00 has been limited at the $34.00 area, and the precious metal bounced up again to consolidate at the $34.50 area on Wednesday, with the 34.80 high at a short distance. Bears have been contained well above a previous resistance area at the $33.50-$33.70, and the 4-Hour RSI remains well above the 50 level, highlighting the pair's positive bias. The US Dollar Index seems to have lost momentum, following a moderate recovery on Tuesday. The enthusiasm from the strong job openings data seems to have faded, with investors...
The US Dollar (USD) showed resilience despite the late-session bounce in Treasury yields, supported by strong April JOLTS job openings. That said, the JOLTS data adds little to the overall jobs picture: the labour market remains tight, while declining quits suggest wage growth is easing. The dollar's rebound appears more a reflection of markets struggling to justify an already elevated risk premium without fresh negative developments on trade or Treasury fronts, ING's FX analyst Francesco Pesole notes. USD to come under renewed pressure "Markets may also be adopting a slightly more...
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....