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 US dollar (USD) traded with positive sentiment for the second consecutive day on Friday (July 25th), driven by upbeat US economic data and renewed optimism about trade. On Thursday, better-than-expected weekly Initial Jobless Claims and a stable Purchasing Managers' Index (PMI) figure helped ease recession fears, supporting the view that the US economy remains resilient. At the same time, recent progress on bilateral tariff agreements between the United States (US) and Japan, Indonesia, and the Philippines has improved risk sentiment, limiting pressure on the US dollar. The US Dollar...
Oil was steady on optimism over US trade talks ahead of a key deadline next week, and as tightness in diesel markets boosts sentiment. Brent crude was above $69 a barrel after adding 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before the Aug. 1 target date, while Brazil and Mexico looked to broaden trade ties. Oil Rises With US Trade Talks in Focus Optimism over prospect of successful trade agreements supports prices Meanwhile,...
Oil prices were stable on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela. Brent crude futures were up 38 cents, or 0.55%, at $69.56 a barrel at 0755 GMT. U.S. West Texas Intermediate crude futures were up 34 cents, or 0.51%, to $66.37. Brent was heading for a 0.4% weekly gain at that level, while WTI was down around 1.44% from where it closed last week. Brent prices have been largely range-bound between $67 and $70 a barrel for the last month, since the sharp drop in prices...
The EUR/USD pair remains practically flat on Friday, relatively close to three-week highs hit on the previous day. The US Dollar is a tad firmer, supported by positive US macroeconomic data which provide further reasons for the Federal Reserve (Fed) to keep rates ar high levels for a longer time after next week's meeting, while a poort Business Climate survey from Germany has added weight on the Euro. The Euro (EUR) is trading around the 1.1750 level at the early European trading session on Friday after pulling back from 1.1790 highs on Thursday, following the ECB's monetary policy...
Gold price (XAU/USD) extends its steady intraday descent through the first half of the European session and drops to a fresh daily low, back closer to the $3,350 level in the last hour. Thursday's US macro data reaffirmed bets that the Federal Reserve (Fed) will keep rates steady next week. This, in turn, assists the US Dollar (USD) in attracting some follow-through buyers for the second straight day and driving flows away from the non-yielding yellow metal. Apart from this, the trade optimism turns out to be another factor undermining the Gold price. However, a slight deterioration in the...
The Pound Sterling (GBP) weakens against its major peers on Friday as the United Kingdom (UK) Office for National Statistics (ONS) has reported that Retail Sales grew at a slower-than-projected pace in June. The report showed that Retail Sales, a key measure of consumer spending, rose 0.9% month-over-month, slower than the estimates 1.2%. In May, the consumer spending measure declined by 2.7%. On year, the Retail Sales grew by 1.7%, missing estimates of 1.8% by a slight margin. Strong demand for automotive fuel and higher sales receipts at departmental stores led to higher Retail Sales....
The Silver price (XAG/USD) attracts some sellers to around $39.00 during the early European session on Friday. Optimism surrounding the US trade deal allayed trade war concerns and dampened demand for safe-haven assets. Investors will closely monitor the developments surrounding trade talks between the United States (US) and its major trade partners. The Wall Street Journal (WSJ) reported on Friday that US President Donald Trump is now pursuing dealmaking with China. Trump might shift from a strategy of pressure to negotiation, with the goal of securing an economic agreement that will...
The dollar inched off two-week lows on Friday, but kept on track for its biggest weekly drop in a month, as investors contended with U.S. tariff negotiations before an August 1 deadline, while looking ahead to central bank meetings next week. Both the U.S. Federal Reserve and the Bank of Japan are expected to hold rates at next week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next move. "Next week's BOJ policy meeting will be closely watched for hints on the timing of the next rate hike," said Carol Kong, currency strategist at...
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....