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...
Oil prices plunged more than $1 during trading on Thursday on hopes of a potential U.S.-Iran nuclear deal, while a surprise build in U.S. crude inventories last week raised investor concerns about a supply glut. Brent crude fell $1.49, or 2.3%, to $64.60 a barrel by 0405 GMT. U.S. West Texas Intermediate (WTI) crude fell $1.46, or 2.3%, to $61.69. Both benchmarks fell about 0.8% on Wednesday. Iran is willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions, an Iranian official told NBC News in an interview published Wednesday. "The renewed selling was...
Silver (XAG/USD) price extended its decline for the second straight session, trading around $31.90 per troy ounce during Asian hours on Thursday (5/15). The daily chart technical analysis suggests a weakening bullish outlook, as the precious metal has dropped below an ascending channel pattern. The 14-day Relative Strength Index (RSI) has dropped below the 50 level, indicating a developing bearish bias. Moreover, Silver price has fallen below the nine-day and 50-day Exponential Moving Averages (EMA), further highlighting the fading strength of its near-term upside momentum. On the...
GBP/USD bounced back from recent losses, trading near 1.3280 during the Asian session on Thursday (5/15). The pair was supported by a weaker US Dollar (USD), as investors weighed the ongoing trade-related uncertainties despite a slight de-escalation in tensions. Market focus now shifts to the release of US Retail Sales and Producer Price Index (PPI) data later in the day. Speculations are growing that Washington may prefer a weaker dollar to strengthen its trade position. The Trump administration has argued that a strong greenback, relative to weaker regional currencies, hurts US...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, traded lower around 100.90 during the Asian session on Thursday (5/15). The greenback remained under pressure as investors assessed ongoing trade-related uncertainties, despite recent easing of tensions. Speculation has been growing that Washington may prefer a weaker dollar to support its trade agenda. The Trump administration has argued that a strong dollar, compared to weaker regional currencies, has hurt US exporters. Improving global trade sentiment has eased recession fears,...
The Japanese Yen (JPY) traded with a positive bias against its US counterpart for the third straight day on Thursday (May 15) and for now, seems to have stalled the previous day's decline from weekly highs. The Japanese wholesale inflation data released on Wednesday indicated that companies continued to pass on costs to consumers, adding to concerns over a more entrenched price rise in Japan. This is expected to keep the Bank of Japan (BOJ) on track for further interest rate hikes, which in turn, was seen supportive of the JPY. Additionally, a slight deterioration in the global risk...
Gold steadied after falling more than 2% on Wednesday on signs the Federal Reserve will cut interest rates fewer times than previously anticipated, and as easing U.S.-China tensions dampened demand for safe-haven assets. Bullion traded above $3,182 an ounce on Thursday, near its lowest level in more than a month. U.S. Treasury yields rose on expectations the Fed will lower borrowing costs more slowly than expected as the economic outlook improves following a U.S.-China trade truce. Higher yields and interest rates tend to be negative for non-yielding bullion. Continued progress in U.S.-led...
Oil fell for a second day following reports Iran is willing to give up nuclear weapons in a deal with the U.S. in return for sanctions relief. West Texas Intermediate fell to $62 a barrel, after dropping 0.8% on Wednesday, when Brent closed near $66. Iran is ready to sign the deal under certain conditions, NBC reported, citing Ali Shamkhani, a top adviser to the OPEC nation's top leader. Crude fell on Wednesday after government data showed U.S. inventories rose by the most since March, ending a four-day rally that had seen them rise nearly 10%. The gains were driven by a trade truce between...
EUR/USD trimmed momentum sharply on Wednesday, sticking to a flat holding pattern near the 1.1200 handle despite an early pop in bids. European economic data has been largely a non-starter this week, as is typical. However, a one-two punch of key inflation data from the United States (US) has given plenty of traders something to chew on. German final Harmonized Index of Consumer Prices (HICP) for April came in exactly as expected on Wednesday, and data on the US side was strictly mid-tier, giving markets some breathing space between this week's Consumer Price Index (CPI) inflation data...
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....