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) is mixed against its major currency peers. The USD is up a little against the GBP, JPY, AUD and NZD but has lost marginal ground against the EUR, CAD and CHF as trading here gets going, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. USD mixed versus majors"The DXY is slightly lower, holding near yesterday's session low at 97.7 which was in effect a retest of last Wednesday slump low in the index around the Powell firing reports. We think the USD's broader rebound seen through the first half of the month has stalled and may be reversing which...
Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity. Brent crude futures were down 49 cents, or 0.7%, to $68.72 a barrel at 0915 GMT. U.S. West Texas Intermediate crude was at $66.60 a barrel, down 60 cents, or 0.9%. The August WTI contract expires on Tuesday and the more active September contract was down 47 cents, or 0.7%, to $65.48 a barrel. "Oil prices fell for a third straight session ... as urgency builds in...
Gold price (XAU/USD) edges lower on Tuesday after two days of gains. However, the price of the safe-haven metal may appreciate due to prevailing uncertainty ahead of US President Donald Trump's August 1 tariff deadline. Additionally, market sentiment deepens due to increasing worries about the Federal Reserve's (Fed) independence. Traders keep their eyes on the trade negotiations between the United States (US) and the European Union (EU) this week, expecting to finalize a trade deal before the August 1 deadline, when Trump has threatened to hit the bloc's exports with 30% tariffs. The EU is...
Silver price (XAG/USD) edges lower to near $38.80 during the early European session on Tuesday. Still, the white metal is close to its decadal high around $39.00. The outlook of the white metal remains bullish on upbeat demand for safe-haven assets as concerns over global trade flow continue to persist. Escalating trade tensions between the United States (US) and the European Union (EU) have raised trade tensions across the globe, given the scale of business between both economies. EU officials are preparing for countermeasures to offset the impact of additional tariffs imposed by the US,...
Gold prices climbed on Tuesday to their highest level in more than a month, supported by a weaker U.S. dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline. Spot gold was little changed at $3,389.98 per ounce, as of 0503 GMT. Earlier in the session, bullion hit its highest level since June 17. U.S. gold futures held their ground at $3,402.90. "Gold's move on the upside has been pretty much supported by positive technicals and as well as reinforced by a broad base of dollar weakness," OANDA senior market analyst Kelvin Wong...
Oil prices fell sharply on Tuesday morning as concerns about a trade war between the United States and the European Union resurfaced, fueling fears of a decline in fuel demand. These tensions weighed on market sentiment, fearing they would hamper global economic activity. Brent crude fell 0.75% to $68.69 per barrel, while US WTI fell 0.76% to $66.69 per barrel. The August WTI contract expires today, while the more active September contract fell 0.82% to $65.41. Priyanka Sachdeva, senior market analyst at Phillip Nova, said that demand concerns continue to mount as the market awaits a...
The EUR/USD pair clings to gains made on Monday around 1.1700 during the Asian trading session on Tuesday. The major currency pair strengthens as the US Dollar (USD) corrects sharply, following a fresh escalation in trade tensions between the United States (US) and the European Union (EU). The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades flat around 97.88 on Tuesday. The DXY has corrected from its almost a month high of 99.00 in the last two trading days. Trade tensions between giant economies escalated after a report from the Wall Street...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after losing more than 0.50% in the previous session and trading at around 97.90 during the Asian hours on Tuesday. Market caution deepened amid rising uncertainty over impending tariffs and increasing worries about the Federal Reserve's (Fed) independence. US Commerce Secretary Howard Lutnick stated unequivocally in a televised interview, "That's a hard deadline, so on August 1, the new tariff rates will come in. Nothing stops countries from talking to us after August...
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....