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...
Gold edged up to around $3,330 per ounce on Friday, heading for a weekly advance as concerns over the US fiscal deficit and lingering tariff uncertainty boosted the metal's safe-haven appeal. On Thursday, the House approved President Donald Trump's massive package of tax and spending cuts, which is expected to add more than $3 trillion to the country's deficit over the next decade. Meanwhile, Trump said he would begin sending letters to countries on Friday specifying what tariff rates they will face on imports to the US—a clear shift from earlier pledges to negotiate individual...
Gold edges higher in the early Asian session amid U.S. fiscal-deficit concerns that typically enhance the safe-haven appeal of the precious metal. The House of Representatives narrowly passed President Trump's "big, beautiful" tax and spending megabill on Thursday. "After factoring in the additional revenues from new tariffs, it appears that the budget deficit will remain close to 6% of GDP for the next few years," Capital Economics' Paul Ashworth says in a commentary. "The Federal debt is undoubtedly on an unsustainable path," the chief North America economist adds. Spot gold is 0.2%...
The euro weakened against the US dollar on Thursday following the release of June employment figures in the United States (US), which showed why the Federal Reserve (Fed) is not ready to ease borrowing costs. At the time of writing, EUR/USD was trading at 1.1744, down 0.45%. The Nonfarm Payrolls (NFP) report took center stage on Thursday, as it dropped in the shortened week for the US Independence Day. The data dashed investor expectations for a rate cut, beating estimates and May's figures. Additional metrics showed that the Unemployment Rate fell and Average Hourly Earnings held...
Oil prices fell slightly on Thursday as investors worried that U.S. tariffs could slow energy demand ahead of expected supply increases by major crude producers. Brent crude futures settled 31 cents, or 0.45%, lower at $68.80 a barrel. U.S. West Texas Intermediate crude fell 45 cents, or 0.67%, to $67 in thin trading ahead of the Independence Day holiday. President Donald Trump's 90-day pause on higher U.S. tariffs expired on July 9, and several major trading partners have yet to reach a trade deal, including the European Union and Japan. Oil traders are concerned about the impact on the...
Gold prices fell 0.80% on Thursday (03/07) as a strong US Nonfarm Payrolls report strengthened the US Dollar, leading market participants to believe that the Fed is unlikely to cut interest rates at its July meeting. At the time of writing, XAU/USD was trading at $3,332, having hit an intraday high of $3,365. The US June jobs report beat estimates and also surpassed May's reading. It is worth noting that the Unemployment Rate fell close to the 4% threshold, indicating that the labor market remains solid. The data called into question Wednesday's ADP National Employment Change report, which...
Gold fell 1% on Thursday as stronger-than-expected U.S. payrolls data reinforced expectations that the Federal Reserve is unlikely to cut interest rates as quickly as previously anticipated, denting the metal's appeal. Spot gold fell 1% to $3,323.49 an ounce by 11:02 a.m. EDT (1502 GMT), while U.S. gold futures fell 0.8% to $3,333. The dollar (.DXY), opens a new tab and U.S. stock index futures rose after nonfarm payrolls increased by 147,000 jobs last month, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising by 110,000. A...
Oil prices fell slightly on Thursday as the possibility of renewed U.S. tariffs raised questions about demand ahead of expected supply increases by major producers. Brent crude futures fell 63 cents, or 0.91%, to settle at $68.48 a barrel by 11:12 a.m. EDT (1512 GMT). U.S. West Texas Intermediate crude fell 77 cents, or 1.14%, to settle at $66.68. Both contracts hit one-week highs on Wednesday as Iran, a major oil producer, suspended cooperation with the U.N. nuclear watchdog, raising concerns that a lingering dispute over its nuclear program could escalate into armed conflict. A...
The campaign period for the July 20 election for the upper chamber of Japan's parliament kicked off earlier Thursday, and Bank of America Securities stated that the Japanese currency has not yet priced in election risk. At 08:00 ET (12:00 GMT), USD/JPY traded 0.1% higher to ¥143.84, but the pair is approximately 8.5% lower so far this year. "We have argued that the risk from Japan's Upper House election to be held on July 20 is skewed to a weaker yen with a rise in volatility in the case of a loss by the ruling coalition party," said analysts at Bank of America Securities, in a note dated...
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....