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 prices rose more than 1% on Tuesday as investors sought safe-haven assets after US President Donald Trump's "big, beautiful bill" passed the Senate, ahead of a July 9 trade tariff deadline. Spot gold rose 1.1% to $3,338.24 an ounce, as of 2:25 p.m. EDT (1825 GMT), its highest since June 24. US gold futures settled 1.3% higher at $3,349.8. The Republican-controlled US Senate voted on Tuesday to pass a sweeping tax-cut and spending bill demanded by Trump, which would slash some social service programs. "The budget bill that passed is encouraging as it looks to contribute to a $3...
Oil prices edged higher on Tuesday as investors weighed positive demand indicators while also remaining cautious ahead of an OPEC+ meeting to decide the group's output policy in August. Brent crude rose 18 cents, or 0.3%, to $66.92 a barrel by 11:36 a.m. ET (1536 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or about 0.4%, to $65.38 a barrel. The gains were likely driven by supportive data from a private sector survey in China, which showed factory activity picked up again in June, said Randall Rothenberg, risk intelligence strategist at U.S. oil broker Liquidity...
Gold rose for a second day as investors weighed President Donald Trump's tax bill, which is expected to widen the US deficit. Bullion rose as much as 1.7%, paring losses from the past two weeks, while US stocks weakened and the dollar hovered near a three-year low. The US Senate passed a bill that combines $4.5 trillion in tax cuts with $1.2 trillion in spending cuts. The US government's push for a spending bill means that "fiscal risks are likely to come to the fore," analysts at Commerzbank AG said in a note, potentially benefiting bullion's safe-haven appeal. Gold's gains eased...
The US Dollar (USD) continues to face selling pressure, with the US Dollar Index (DXY) dropping as low as 96.38, its weakest level since February 2022, during early trading on Tuesday (01/07). However, the greenback rallied during the American session, with the DXY last seen trading around 96.85, supported by better-than-expected US economic data. A stronger ISM Manufacturing PMI and a strong JOLTS jobs report helped ease some of the bearish momentum, although the overall sentiment remains cautious amid ongoing concerns over US fiscal stability, tariff uncertainty, and increasing political...
The EUR/USD pair keeps marching higher for the tenth consecutive day. The pair is trading with minor gains around the 1.1800 level at the moment of writing on Tuesday, ahead of the Fed Chairman's speech on the central bankers' meeting in Sintra, Portugal and US Manufacturing and Job Openings figures. The common currency appreciated earlier today, fuelled by an unexpected improvement in the Eurozone preliminary HCOB Manufacturing PMI and better-than-expected German Unemployment figures, while June's Consumer Prices Index (CPI) remained fairly steady. The Greenback remains on the defensive,...
The Pound is accelerating its uptrend on Tuesday, unaffected by rather downbeat UK manufacturing PMI data. US Dollar weakness is driving markets today with tariff uncertainty, renewed concerns about the US fiscal health, and rising bets on Fed cuts crushing demand for the US Dollar. UK manufacturing activity has remained steady at 47.7 in June, but new orders, employmen,t and output declined from the previous month and pointing to further contraction in the coming months. US debt, hopes of Fed cuts are hammering the USDThese figures, however, have failed to curb Sterling's rally. The...
Oil prices were steady on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 5 cents to $66.79 a barrel at 0901 GMT, while U.S. West Texas Intermediate crude was up 4 cents to $65.15 a barrel. The market's main focus is the 411,000-barrel-per-day production hike that OPEC+ is expected to announce for August in a meeting on July 6, said Saxo Bank analyst Ole Hansen, adding that this was partially offset by potential trade deals improving the demand outlook. "The market is now...
The US Dollar Index (DXY) fell sharply below the 96.00 level on Tuesday, recording a decline for seven consecutive days and hitting its lowest level in 3.5 years. This weakening occurred after Eurozone economic data showed positive results, especially from the manufacturing sector and inflation, which immediately boosted the Euro against the Dollar. The US Dollar is currently burdened by a combination of factors: fiscal uncertainty due to Trump's controversial Tax Bill, new trade tensions with Japan, and expectations that the Fed will soon cut interest rates. Market concerns increased after...
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....