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 crude oil market devotes considerable energy to what OPEC+ says, but perhaps a little less to what it actually does when it comes to the supply of the world's most important commodity. The eight members of the wider group that had implemented voluntary production cuts met at the weekend and decided to raise output by 411,000 barrels per day (bpd) in July, the third straight month of the same increase. More than half of the lift in output will be split among the big three of the OPEC+ group, namely Saudi Arabia, Russia and the United Arab Emirates. However, there are two questions that...
Gold prices rose to a more than a one-week high on Monday, driven by safe-haven demand as renewed U.S. tariff threats from President Donald Trump and escalating tensions between Russia and Ukraine heightened global trade and geopolitical fears. Spot gold was up 2% at $3,353.29 an ounce, as of 1128 GMT, after hitting its highest level since May 23, earlier in the session. U.S. gold futures rose 1.9% to $3,378.40. The dollar (.DXY), opens new tab was down 0.6% against its rivals, after Trump said on Friday that he plans to double duties on imported steel and aluminum to 50%, and as Beijing...
The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation. The greenback starts the week on the back foot after Trump said on Friday that he planned to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. China's Commerce Ministry said on Monday the charges were "groundless," and promised to...
Silver prices rose over 1% to around $33.40 per ounce on Monday, approaching two-month highs as escalating global trade tensions boosted demand for safe-haven assets. The move came after US President Donald Trump announced plans late Friday to double tariffs on steel and aluminum imports to 50%, effective June 4. China also rejected Trump's claims that it breached a trade agreement reached in Geneva last month—casting further doubt on the prospect of a call between Trump and Chinese President Xi Jinping. The tariff announcement also comes amid an ongoing legal battle over the legality of...
Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.46, or 2.33%, to $64.24 a barrel by 0626 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.45 a barrel, up $1.66, or 2.73%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their...
Gold price (XAU/USD) climbs to a one-week high, beyond the $3,350 level during the early European session on Monday and seems poised to climb further amid a combination of supporting factors. The Personal Consumption Expenditures (PCE) Price Index released on Friday further pointed to signs easing inflationary pressures in the US and bolstered the case for more rate cuts by the Federal Reserve (Fed). This, in turn, prompts fresh US Dollar (USD) selling and acts as a tailwind for the non-yielding yellow metal. Meanwhile, concerns about the worsening US fiscal situation, geopolitical risks...
Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.46, or 2.33%, to $64.24 a barrel by 0626 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.45 a barrel, up $1.66, or 2.73%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their...
USD/CHF continues its losing streak for the third successive session, trading around 0.8210 during the Asian hours on Monday. The pair loses ground as the US Dollar (USD) may face challenges amid growing concerns regarding slow growth and renewed inflation in the United States (US). US President Donald Trump threatened to double import tariffs on steel and aluminum, increasing them to 50% from 25%. Additionally, the Swiss Franc (CHF) receives support from increased safe-haven demand following decision by the US Court of Appeals for the Federal Circuit in Washington, on Thursday,...
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....