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...
West Texas Intermediate (WTI) Oil remains under pressure on Thursday, trading near $61.20 during the American session after declining for a second straight day. The commodity briefly fell over 3% earlier in the day before finding near-term support at the $60.00 psychological level. The latest leg down is driven by a combination of bearish supply-side fundamentals and technical rejection near key resistance. Renewed optimism surrounding a potential US-Iran nuclear agreement has revived expectations of increased Iranian oil hitting global markets, should sanctions be eased. This has triggered...
The US Dollar Index (DXY), which tracks the Greenback against a basket of major currencies, is trading just under 101.00 on Thursday after key US economic data releases offered little upside momentum. Retail Sales rose a modest 0.1% in April, while the Producer Price Index softened to 2.4% annually, below expectations. Weekly jobless claims held steady at 229K. Speaking at the Thomas Laubach Research Conference, Federal Reserve (Fed) Chair Jerome Powell reiterated the need to revisit the Fed's strategic language around inflation and employment. The market reaction was muted, with traders...
Oil prices slipped on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions being eased and more barrels released onto the global market. Brent crude futures were down $1.96, or 2.97%, to $64.13 a barrel at 11:17 a.m. EDT (1517 GMT). U.S. West Texas Intermediate crude futures were down $1.96, or 3.1%, at $61.19. U.S. President Donald Trump said on Thursday that the U.S. was getting very close to securing a nuclear deal with Iran, and Tehran had "sort of" agreed to the terms. An Iranian official told NBC News in an interview published on Wednesday that Iran...
Gold steadied as investors pulled away from risky assets and waited for more clues on the Federal Reserve's rate path. Bullion traded near $3,180 an ounce, after dipping to the lowest level in more than a month earlier. Gold lost haven support in recent weeks as ebbing trade tensions between the US and China stoked risk-on sentiment, although that is now easing. On Wednesday, signs that there will be fewer Federal Reserve rate cuts than previously anticipated pushed gold to a slump of more than 2%. Traders now await a speech by Fed Chair Jerome Powell later...
Silver price (XAG/USD) bounces back to near $32.00 during European trading hours on Thursday after sliding to near the monthly low around $31.65 earlier in the day. The outlook of the Silver price remains bearish as trade relations between the United States (US) and China have improved further. During European trading hours, US Treasury Secretary Scott Bessent signaled more talks with China to avoid trade tensions. "We are going into a series of negotiations with China to prevent escalation again," Bessent said. Meanwhile, Beijing also appears to be making efforts to improve relations with...
Oil prices fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing, while a surprise build in U.S. crude oil inventories last week heightened investor concerns about oversupply. Brent crude futures were down $1.99, or 3%, to $64.10 a barrel at 0806 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $2.05, or 3.3%, to $61.10. U.S. President Donald Trump said on Thursday that the United States was getting very close to securing a nuclear deal with Iran, and Tehran had "sort of" agreed to the terms. This came after an...
The U.S. dollar lost its footing against major peers on Thursday ahead of retail sales later in the day that could offer clues on U.S. consumer strength in the face of tariff risks, while excitement over a Sino-US trade deal faded. The greenback has given up most of its gains from Monday after the United States and China announced a 90-day pause on most of the tariffs imposed on each other's goods since early April, easing fears of a global recession. "Markets have exhausted the positivity from the U.S.-China trade talk," said Benjamin Ford, strategist at Macro Hive in London. Safe-haven...
Gold prices hit a one-month low on Thursday as investors awaited key US inflation figures for clues on the Federal Reserve's monetary policy path, while easing US-China trade tensions also weighed on bullion's appeal. Spot gold fell 1.3% to $3,136.97 an ounce by 0536 GMT, after hitting its lowest since April 10 earlier in the session. US gold futures fell 1.5% to $3,140.00. The US and China agreed to drastically reduce tariffs and impose a 90-day pause, defusing a potentially damaging trade war between the world's two largest economies. "The intraday outlook today is weak for the yellow...
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....