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...
USD/CHF held steady after a five-day losing streak, trading around 0.7990 during European hours on Monday (06/30). The pair held steady around 0.7957, the lowest since September 2011, recorded on Friday. The Swiss franc (CHF) moved little against the US dollar (USD) after the KOF Leading Indicator was released in Switzerland, which fell to 96.1 in June from 98.6 in May. The reading was below market expectations of 99.3, marking the lowest reading since October 2023. Earlier this month, the Swiss National Bank (SNB) cut interest rates to 0% in response to easing inflationary pressures and...
Oil prices fell on Monday as geopolitical risks in the Middle East eased and the prospect of an OPEC+ output hike in August raised supply expectations amid continued uncertainty over the global demand outlook. Brent crude futures fell 12 cents, or 0.18%, to $67.65 a barrel by 0718 GMT, ahead of the August contract's expiry on Monday. The more active September contract was at $66.56, down 24 cents. U.S. West Texas Intermediate crude futures fell 36 cents, or 0.55%, to $65.16 a barrel. Both benchmarks posted their biggest weekly declines since March 2023 last week, but both are expected to...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of six major currencies, continued its downtrend that began on June 19, as it traded around 97.20 during European hours on Monday (06/30). Traders are awaiting US employment figures due later this week, which could further provide fresh impetus on the US Federal Reserve's (Fed) policy outlook. The US Nonfarm Payrolls report is expected to show the economy added 110,000 new jobs in June, down from 135,000 in May. The current range is between a high of 140,000 and a low of 75,000. Additionally,...
Oil prices fell in Asian trade on Monday as waning geopolitical tensions between Israel and Iran saw traders further pare back a risk premium, while anticipation of more output hikes by the OPEC+ also weighed. Brent oil futures for August fell 0.8% to $67.20 a barrel, while West Texas Intermediate crude futures fell 1.1% to $64.77 a barrel by 21:44 ET (01:44 GMT). Oil was still headed to rise more than 5% this month, having initially rallied on the Israel-Iran war. Crude markets took middling cues from mixed purchasing managers index data from top oil importer China, which showed...
Gold edged up, supported by a dip in the dollar, as US trade talks progressed ahead of a July 9 deadline and Senate negotiations continued over President Donald Trump's $4.5 trillion tax cut package. Bullion fell as much as 0.8% on Monday before paring losses to trade slightly higher, following two consecutive weekly declines. With just 10 days to go until Trump's country-specific tariffs are set to resume, investors were weighing signs of potential trade progress following recent comments from top White House advisers that indicated the US is nearing agreements with...
The Australian dollar edged higher to around $0.653 on Monday, supported by continued weakness in the greenback amid a dovish Federal Reserve and growing fiscal concerns. Investors are closely watching upcoming US jobs data, which could shape expectations for a rate cut in July. Adding to pressure on the greenback is the investor anxiety over a sweeping tax and spending bill currently under consideration in the Senate, which could add $3.3 trillion to the national debt. Domestically, the Melbourne Institute's Monthly Inflation Gauge showed a modest uptick in June, reversing the previous...
The Japanese yen strengthened toward 144 per dollar on Monday, approaching two-week highs as the US dollar extended its decline amid a more dovish Federal Reserve outlook, mounting fiscal concerns, and persistent trade uncertainty. Markets are bracing for key US jobs data this week, which could reveal signs of labor market softness and bolster expectations for a Fed rate cut in July. Domestically, Japanese industrial production rose less than expected in May, as elevated US tariffs continued to weigh on the outlook. The 25% tariff on Japanese car imports remains a major sticking point in...
The US dollar index hovered around 97.2 on Monday, lingering at its lowest level since February 2022, as markets grappled with a more dovish Federal Reserve outlook, mounting fiscal concerns, and ongoing trade uncertainty. Investors are awaiting key US employment data this week, which could reveal signs of softening in the labor market and strengthen the case for a rate cut as early as July. While the Fed has previously cited labor market resilience as a reason to remain patient, a weak June jobs report could prompt policymakers to act sooner. Meanwhile, focus remains on the sweeping tax...
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....