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...
Silver prices surged above $33.50 per ounce on Thursday, advancing for a fourth consecutive session as mounting concerns over the US fiscal outlook weighed on the dollar and boosted demand for safe-haven assets. Investor sentiment deteriorated after President Donald Trump's proposed tax bill was projected to add over $3 trillion to the already substantial US debt load, raising fears of financial instability. A weak 20-year Treasury bond auction further fueled expectations that investors are rotating out of US assets, adding momentum to precious metals. In addition to safe-haven buying,...
Gold price (XAU/USD) retreats from a nearly two-week high, around the $3,345-3,346 area touched this Thursday, and trades with a mild positive bias during the early European session. A modest US Dollar (USD) uptick is seen as a key factor behind the commodity's intraday pullback, though any meaningful downside seems elusive. The growing acceptance that the Federal Reserve (Fed) will lower borrowing costs further in 2025 and worries about rising US deficit should cap the USD, which should act as a tailwind for the non-yielding yellow metal. Meanwhile, US fiscal concerns, along with a...
Oil prices were little changed on Thursday as investors stayed cautious, focusing on renewed Iran-U.S. nuclear talks, though unexpected builds in U.S. crude and fuel inventories raised concerns about demand from the world's largest oil consumer. Brent futures inched up 4 cents to $64.95 a barrel by 0456 GMT, while U.S. West Texas Intermediate crude gained 10 cents to $61.67. Both benchmarks fell earlier in the session after U.S. crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high...
The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Thursday, extending its gains for the second successive day. The AUD/USD pair maintains its position following the release of the preliminary S&P Global Purchasing Managers Index (PMI) data. Australia's Manufacturing Purchasing Managers Index came in at 51.7 in May versus 51.7 prior. Meanwhile, Services PMI declines to 50.5 in May from the previous reading of 51.0, while the Composite PMI eases to 50.6 in May versus 51.0 prior. The Reserve Bank of Australia (RBA) reduced its Official Cash Rate (OCR) by 25 basis...
Silver price (XAG/USD) rises to near $32.60 per troy ounce during the Asian trading hours on Thursday, gaining ground for the third successive session. Precious metals, including Silver, attract buyers amid rising safe-haven demand over growing fiscal concerns in the United States (US). Moody's downgraded the US credit rating from Aaa to Aa1, following similar downgrades by Fitch Ratings in 2023 and Standard & Poor's in 2011. Moody's also predicted that US federal debt is expected to climb to around 134% of GDP by 2035, up from 98% in 2023, with the budget deficit expected to widen to...
Gold price (XAU/USD) prolongs the uptrend for the fourth consecutive day and climbs to a nearly two-week high, around the $3,344-3,345 area during the Asian session on Thursday. Investors remain on edge following the US sovereign credit rating downgrade by Moody's and growing worries about rising US deficit on the back of US President Donald Trump's sweeping tax bill. Moreover, renewed US-China trade tensions, along with geopolitical risks, hit the global risk sentiment and continue to benefit the safe-haven precious metal. Meanwhile, a poor response to the 20-year US bond auction...
Oil prices extended losses in Asian trading on Thursday after data showed a surprise build in U.S. crude stockpiles, while uncertainty ahead of renewed U.S.-Iran nuclear talks next week further fueled oversupply worries. In the previous session, oil closed lower after volatile moves, as it initially jumped over 1.5% on a CNN report stating Israel may potentially strike Iran's nuclear sites. As of 20:48 ET (01:55 GMT), Brent Oil Futures expiring in July fell 0.5% to $64.61 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.4% to $61.30 per barrel. US-Iran talks to...
The Japanese yen strengthened toward 143 per dollar on Thursday, reaching its highest level in over two weeks, as mounting concerns over the US fiscal outlook weighed on the greenback. The yen's rally was fueled by expectations that President Donald Trump's proposed tax cuts projected to add more than $3 trillion to US debt could destabilize financial markets and undermine confidence in US assets. On the diplomatic front, Japanese Finance Minister Katsunobu Kato said he did not discuss exchange rate levels with US Treasury Secretary Scott Bessent during the G7 meetings in Canada...
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....