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 slumps on Wednesday after CBS reported that US President Donald Trump asked a group of House Republicans whether he should fire Federal Reserve Chair Jerome Powell. The news offsets earlier gains triggered by softer-than-expected US Producer Price Index (PPI) data for June, which initially lifts the Greenback amid signs of easing inflation. At the time of writing, the US Dollar Index (DXY), which measures the Greenback's strength against a basket of six major currencies, is trading sharply lower near 98.00 during American trading hours, retreating from an intraday high of...
Gold strengthened slightly on Wednesday (July 16th) as the dollar weakened after a report showed US wholesale prices remained stable last month. Gold for August delivery last traded up US$5.00 to US$3,341.70 per ounce. The US Bureau of Labor Statistics reported the Producer Price Index (PPI) was unchanged in June compared to the previous month, while the consensus estimate was for a monthly increase of 0.2%, according to Marketwatch. The Core PPI, which excludes volatile items, was also unchanged, again lower than the consensus for a monthly increase of 0.2%. This data follows the release...
Oil prices fell about 1% on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of U.S. tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 63 cents, or 0.9%, to $68.08 a barrel at 11:50 GMT. U.S. West Texas Intermediate crude futures fell 69 cents, or 1%, to $65.83. U.S. President...
Gold strengthened on Wednesday (July 16th) on a weaker dollar, while investors awaited further clarity on trade talks between the US and its trading partners, with fresh inflation data due to provide further direction on the US Federal Reserve's policy outlook. Spot gold rose 0.6% to $3,341.29 per ounce, as of 09:10 GMT. US gold futures edged up 0.3% to $3,348.20. The US dollar (.DXY), opens a new tab, fell 0.1%, making gold cheaper for buyers holding other currencies. "The dollar is currently weakening ahead of the US PPI data as traders are taking a cautious stance after the recent...
Oil prices were steady on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of US tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that US tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 17 cents, or 0.3%, to $68.54 a barrel at 08:44 GMT. US West Texas Intermediate crude futures fell 11 cents, or 0.2%, to $66.41. US President Donald...
The pound (GBP) attracted buying interest against other major currencies on Wednesday (July 16th) following the release of higher-than-expected UK Consumer Price Index (CPI) data for June. The Office for National Statistics (ONS) reported that headline inflation rose to 3.6% year-on-year, the highest level since January 2024. Economists had expected a steady 3.4% growth. Core CPI – which excludes volatile items such as food, energy, alcohol, and tobacco – rose 3.7%, faster than expectations and the previous figure of 3.5%. On a monthly basis, headline CPI grew by 0.3%, also faster than...
The U.S. dollar drew support from elevated Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest U.S. inflation report showed signs that President Donald Trump's tariffs were beginning to feed into prices. Rising prices on goods as varied as coffee, audio equipment and home furnishings pulled the inflation rate higher in June, with substantial increases in prices of heavily imported items. That shored up the dollar and pushed bond yields higher on Wednesday as investors pared back expectations of Federal Reserve interest rate cuts this year. Against the...
Oil prices rose on Wednesday, boosted by expectations of firm summer demand in the world's two largest consumers, the United States and China, though gains were capped by analysts' caution about the wider economy. Prices have seesawed in a tight range as signs of steady demand from an increase in travel during the Northern Hemisphere summer have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures rose 13 cents, or 0.2%, to $68.84 a barrel by 0411 GMT. U.S. West Texas Intermediate crude futures were up 25 cents, or...
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....