Oil prices rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...
EUR/USD has pulled back to the 1.1800 area at the time of writing on Wednesday, from weekly highs near the 1.1820. The pair, however, remains looking for direction within a tight range, both sides of the 1.1800 level for the second consecutive day, as investors remain reluctant to take excessive risks. US data released on Tuesday revealed that business activity slowed down for the second consecutive month in September, in line with expectations. The S&P Global's report suggested that tariffs are pushing costs higher, while a weak demand and fierce competition limit firms' ability to...
Gold prices steadied in Asian trade on Wednesday, remaining close to recent record highs as overnight comments from U.S. Federal Reserve Chair Jerome Powell sparked heightened caution over growth, inflation, and interest rates. Gold and other precious metals benefited from increased haven demand, while sustained weakness in the dollar also kept metals mostly well-bid. Anticipation of more key economic readings this week also kept markets cautious, as did weak U.S. purchasing managers index data. Spot gold rose 0.3% to $3,776.20 an ounce, while gold futures fell 0.2% to $3,808.50/oz by...
The dollar hovered near its weakest level in close to a week on Wednesday with traders expecting two more U.S. interest rate cuts this year, even after Federal Reserve Chair Jerome Powell struck a cautious tone on further easing. The dollar index , which measures the U.S. currency against six major rivals, languished 97.230 as of 2305 GMT, after earlier touching the lowest since Thursday at 97.198. The index has dropped 0.5% so far this week on market bets for quarter-point rate cuts at each of the remaining two Fed policy meetings this year. Another is expected in the first quarter of...
Gold edges lower in the early morning Asian session on a likely technical correction after the precious metal again settled at a fresh record high overnight. However, losses may be limited by prospects of more demand from central banks. Demand has been underpinned by strong inflows into countries' strategic reserves in recent years, ANZ Research analysts say in a note. "The People's Bank of China is looking to take advantage of this shift by becoming a custodian of foreign gold reserves," the analysts say. "It's looking to encourage friendly countries to buy bullion and store it in the...
Oil extended its biggest gain in a week, as US President Donald Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member. West Texas Intermediate rose toward $64 a barrel after adding 1.2% on Tuesday, while Brent settled above $67. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and struck a more sympathetic tone on Ukraine's chances of winning the war. Meanwhile, Russia mulled restrictions on diesel exports for some companies following a spate of attacks by...
The USD/JPY pair weakened near 147.60 during the early Asian session on Wednesday. The US dollar (USD) remained weak against the Japanese yen (JPY) as traders continued to digest various comments from Fed officials, while key indicators of US business activity slightly disappointed investors. On Wednesday, US New Home Sales data for August will be released. Fed Chairman Jerome Powell said on Tuesday that weakness in the labor market outweighed concerns about stubborn inflation, which led to his decision to cut the benchmark interest rate at last week's September meeting. However, Powell...
Oil prices closed up more than $1 per barrel on Tuesday (September 23) after a deal to resume exports from Iraqi Kurdistan stalled, easing some investors' concerns that the resumption would exacerbate concerns about a global oversupply. Brent crude futures closed up $1.06, or 1.6%, to $67.63 per barrel, while U.S. West Texas Intermediate crude rose $1.13, or 1.8%, to $63.41 per barrel. Both benchmarks recouped significant losses earlier. Pipeline oil exports from Iraqi Kurdistan to Turkey had not resumed on Tuesday despite hopes of a deal to end the deadlock, as the two major producers...
Gold prices rose to a new record high on Tuesday (September 23), driven by safe-haven inflows amid geopolitical uncertainty and expectations of further Fed interest rate cuts. Spot gold prices rose 0.8% to $3,777.80 an ounce at 1:45 p.m. ET (17:45 GMT), after hitting a new record high of $3,790.82 earlier in the session. U.S. gold futures for December delivery closed 1.1% higher at $3,815.7. The benchmark 10-year Treasury yield fell 0.2%, while the U.S. dollar was largely stable. Fed Chairman Jerome Powell said the central bank faces a "challenging situation" with risks of...
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....