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...
Silver (XAG/USD) prices moved lower to around $36.20 during Asian trading hours on Monday (6/16). The recovery in the greenback weighed on the USD-denominated commodity. However, the downside potential seems limited amid rising geopolitical tensions in the Middle East. Upbeat US economic data released on Friday could provide some support to the US Dollar (USD). The University of Michigan Consumer Sentiment Index improved for the first time in six months, with the index rising to 60.5 in June from 52.2 in the previous reading. This reading was above the market estimate of 53.5. On the other...
The Japanese Yen (JPY) weakened for the second straight day on Monday (6/16), pushing the USD/JPY pair to the 144.75 area during the Asian session, albeit without any follow-through. Expectations that the Bank of Japan (BoJ) may not raise interest rates again this year, along with a generally positive tone around equity markets, undermined the safe-haven JPY. However, investors seemed confident that the central bank will stick to its path towards policy normalization amid broadening inflation. This, along with rising geopolitical tensions in the Middle East, should help limit any deeper...
The GBP/USD pair remained below three-year highs touched on Friday, albeit lacked bearish conviction and oscillated in a narrow range around mid-1.3500s through the Asian session. Traders seemed reluctant and chose to wait for this week's key data/central bank event risk before positioning for the next leg of a directional move in the spot prices. The latest UK consumer inflation figures will be released on Wednesday ahead of the Bank of England (BoE) policy meeting on Thursday, which will play a key role in influencing the British Pound (GBP). Further, the US Federal Reserve (Fed) is...
The Australian dollar (AUD) extended its losses against the US dollar (USD) on Monday (6/16). The AUD/USD pair remained subdued for the second straight session amid rising tensions in the Middle East. The AUD held losses after the release of key Chinese economic data, given that Australia and China are close trading partners. China Retail Sales rose 6.4% year-on-year in May, beating estimates of 5.0% and a 5.1% increase in April. Meanwhile, Industrial Production increased 5.8% YoY but below estimates of 5.9% and 6.1% previously. Israel and Iran continue to exchange attacks despite...
The dollar rose against major currencies on Monday, boosted by safe-haven buying from investors worried that the Israel-Iran fighting could escalate into a wider regional conflict as they prepared for a week packed with central bank meetings. With Iran and Israel showing no sign of backing down from their attacks, the prospect that Tehran might try to close the Strait of Hormuz - the world's most important gateway for oil shipments - raises the broader economic risk of disruption in the energy-rich Middle East. Scheduled weekend talks between Iran and the United States over Tehran's...
EUR/USD extended its decline for the second straight session, trading around 1.1540 during Asian hours on Monday (6/16). The currency pair depreciated as the US Dollar (USD) strengthened amid increased demand for safe havens as geopolitical tensions escalate in the Middle East. Israel launched an attack on Iran's nuclear facilities and missile plants on Friday. Iran responded with an attack on Israel on Sunday night, with explosions seen in the coastal city of Haifa. Israel continues to attack military targets in Iran, despite international calls for diplomacy and de-escalation, according...
Spot gold prices ended last week at a record high and are set to continue to rise in Asian trading, said Chris Weston, head of research at Pepperstone. He said gold prices could test their all-time high of $3,500.10 an ounce. Traders have been reducing profitable long positions in silver, platinum and palladium, potentially increasing cash in their portfolios or even shifting exposure to gold, he added. (alg) Source: Dow Jones Newswires
Oil prices rose in early Asian trade on Monday after Israel and Iran launched fresh attacks on Sunday, raising concerns that the escalating fighting could trigger a wider regional conflict and disrupt oil exports from the Middle East. Brent crude futures rose $1.70, or 2.3%, to $75.93 a barrel by 2253 GMT, while U.S. West Texas Intermediate crude rose $1.62, or 2.2%, to $74.60. Oil prices had jumped more than $4 earlier in the session. Both benchmarks closed 7% higher on Friday, after jumping more than 13% during the session to their highest since January. The latest attacks between...
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....