Gold (XAU/USD) started the week on a stronger note, extending its five-day rally to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar and strong expectations for a Federal Reserve (Fed) interest rate cut in September continued to support gold's momentum. At the time of writing, XAU/USD was consolidating around $3,477 in the American session, after hitting an intraday high of $3,490 during Asian hours—just shy of its all-time peak of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading...
World oil prices weakened on Tuesday (August 19th) as investors weighed the possibility of a meeting between Russia, Ukraine, and the United States that could potentially lead to the lifting of sanctions on Russian oil. This raised expectations of additional supply in the market. Brent futures fell 0.72% to $65.80 per barrel, while WTI September fell 0.63% to $61.93 per barrel. The more active WTI October contract also weakened 0.73% to $62.24 per barrel. The price decline occurred after oil had closed up around 1% in the previous trading session. The market responded to news from the White...
The USD/CHF pair weakened near 0.8070 during the early European session on Tuesday (August 19). However, the pair's downside potential may be limited amid optimism for a ceasefire in the conflict between Russia and Ukraine, with US President Donald Trump planning a summit between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in the near future. Trump said on Monday that the United States (US) would help guarantee Ukraine's security in any deal to end the war with Russia. The 30-nation "Coalition of the Willing" reached an agreement to provide security...
The GBP/USD pair trades on a softer note near 1.3500 during the early European session on Tuesday. The US Dollar (USD) posts modest gains against the Pound Sterling (GBP) as traders pared bets on a rate cut at the US Federal Reserve (Fed) September 16-17 meeting. The UK July Consumer Price Index (CPI) inflation report will take center stage later on Wednesday. A report last week showed that the US Producer Price Index (PPI) increased by the most in three years in July amid a surge in the costs of goods and services. This, in turn, prompted traders to reduce expectations of rate reduction,...
Silver fell below $38 per ounce on Tuesday, giving up the previous session's gains as signs of progress in Ukraine peace negotiations dampened safe-haven demand. On Monday, US President Donald Trump met with European leaders to discuss security guarantees for Ukraine, adding that he had spoken with Russian President Vladimir Putin and was working to arrange a direct meeting between Putin and Ukrainian President Volodymyr Zelenskiy, followed by a potential trilateral summit. Meanwhile, attention turns to the Federal Reserve's annual Jackson Hole symposium later this week, where global...
Gold prices were little changed on Tuesday as investors awaited the Federal Reserve's annual conference this week for cues into possible rate cuts, and weighed Washington's efforts to end the war in Ukraine. Spot gold held steady at $3,331.49 per ounce as of 0201 GMT. U.S. gold futures for December delivery fell 0.1% to $3,375.40. Fed Chair Jerome Powell's remarks at the central bank's symposium on August 21-23 in Wymoing could offer clarity on the economic outlook and expectations of policy easing. "Gold is still consolidating and is really waiting for a new catalyst to break higher. I...
Oil prices slipped in Asian trading on Tuesday as investors assessed U.S.-Ukraine talks for clues on Russian oil supply outlook, with focus now turning to a possible meeting between the Ukrainian leader and Russian President Vladimir Putin. As of 22:29 ET (02:29 GMT), Brent Oil Futures expiring in October fell 0.5% to $66.27 per barrel, while West Texas Intermediate (WTI) crude futures also declined 0.5% to $62.36 per barrel. Both contracts rose nearly 1% on Monday after U.S. Trade Adviser Peter Navarro criticized India's purchases of discounted Russian crude as funding the war, renewing...
The Japanese Yen (JPY) is seen oscillating in a range against its American counterpart during the Asian session on Tuesday amid mixed fundamental cues. The growing acceptance is that the Bank of Japan (BoJ) will stick to its policy normalization path and hike interest rates by the year-end. Moreover, the cautious market mood acts as a tailwind for the JPY. Apart from this, the lack of follow-through US Dollar (USD) buying caps the USD/JPY pair near the 148.00 mark. Meanwhile, the BoJ's hawkish outlook marks a significant divergence in comparison to expectations that the US Federal Reserve...
The Australian Dollar (AUD) extends its losses for the second consecutive session on Tuesday. The AUD/USD pair depreciates despite an improved Westpac Consumer Confidence, which surged 5.7% in August to 98.5, following a 0.6% increase in July. The sentiment has reached a high since February 2022, as the Reserve Bank of Australia (RBA) has delivered rate cuts totaling 75 basis points since January. Matthew Hassan, Head of Australian Macro-Forecasting, said the prolonged period of consumer pessimism may be coming to an end, although maintaining momentum could require additional easing....
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....