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...
Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.2% at $3,360.68 per ounce, as of 0459 GMT. U.S. gold futures fell 0.3% to $3,363. "Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market," OANDA senior market analyst Kelvin Wong said. "However, the dollar is in a weakening bias and on top of that, we still...
Oil prices rose on Friday as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing news of the potential for more oil supply from Venezuela. Brent crude futures touched a one-week high and were up 20 cents, or 0.29%, at $69.38 a barrel by 0519 GMT. U.S. West Texas Intermediate crude futures climbed 20 cents, or 0.30%, to $66.23. Oil, along with stock markets, gained support from the prospect of more trade deals between the United States and trading partners ahead of an August 1 deadline for new tariffs on goods from an array of countries. After...
The Japanese yen slipped to around 147.5 per dollar on Friday, marking its second consecutive day of losses as markets digested the implications of the new US-Japan trade agreement. The deal imposes a 15% tariff on Japanese exports to the US, significantly lower than the 25% previously threatened by Trump, providing some relief but keeping trade tensions in focus. On the economic front, Tokyo's core inflation for July came in slightly below expectations but remained well above the BOJ's 2% target, reinforcing speculation of another rate hike later this year. The BOJ will announce its policy...
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades in positive territory for the second consecutive day around 97.55 during the Asian trading hours on Friday. Investors brace for the US Durable Goods Orders for June, which is due later on Friday. The Greenback holds positive ground amid mixed US economic data. Data released by S&P Global on Thursday showed that the US flash Manufacturing PMI dropped to 49.5 in July from the previous reading of 52.0. This figure came in weaker than the market consensus of...
The Australian dollar fell to around $0.658 on Friday, extending losses from the previous session as investors remained cautious ahead of key inflation data due next week. Both monthly and quarterly inflation figures are set to be released, which could play a key role in shaping the Reserve Bank of Australia's monetary policy outlook. RBA Governor Michele Bullock recently emphasized that the central bank is reluctant to cut interest rates until there is stronger evidence that inflation is sustainably returning to its 2.5% target, as she defended the RBA's slow and steady...
Gold hovered around $3,360 per ounce on Friday, following two straight sessions of losses amid easing trade tensions and rising risk appetite. Investors continue to monitor progress in tariff negotiations, with the US and EU reportedly nearing an agreement, shortly after Washington announced a separate deal with Japan. On the economic front, US jobless claims fell for the sixth straight week—the longest stretch of declines since 2022—highlighting labor market strength and reinforcing views that the Fed will hold rates steady next week. Markets are now pricing in fewer than two rate cuts...
WTI crude futures climbed above $66 per barrel on Friday, extending gains for a second session as optimism over US trade deals lifted market sentiment. Reports suggest the US and EU are nearing an agreement that would impose a 15% tariff on most EU goods, following a similar pact with Japan. Potential trade agreements with India, Mexico, and Brazil are also on the horizon. Expectations that easing trade tensions could bolster global economic growth helped ease concerns over future oil demand. On the supply side, tightening conditions in the global diesel market added further support. The...
EUR/USD weakened more than 0.20% on Thursday after solid economic data from the United States weighed on the common currency, which benefited from the European Central Bank's (ECB) decision to keep interest rates unchanged. At the time of writing, the currency pair was trading at 1.1749, after hitting a daily high of 1.1789. The US Department of Labor (DoL) reported that the number of Americans filing for unemployment benefits fell below expectations, a positive sign for a healthy labor market. However, Continuing Claims remained largely unchanged, indicating that the unemployed are...
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....