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 pared some of their gains on Monday as they fell more than 1% on Tuesday (03/6) following jobs data from the United States (US), which revealed that the labor market remains tight. At the same time, the overall strength of the greenback weighed on the non-yielding metal. XAU/USD was trading at $3,348 after hitting an intraday high of $3,392. Investors' mood turned optimistic after the release of the latest US Job Openings & Labor Turnover Survey (JOLTS), which showed that job openings rose sharply in April. The data was positive, ahead of a busy week of much-anticipated jobs...
Oil prices rose about 2% on Tuesday to their highest in two weeks, as persistent geopolitical tensions between Russia and Ukraine and the U.S. and Iran appeared likely to keep sanctions on Russia and Iran in place longer. Brent crude futures rose $1.11, or 1.7%, to settle at $65.74 a barrel by 11:21 a.m. EDT (1521 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.17, or 1.9%, to settle at $63.69. That put Brent on track for its highest close since May 14 and WTI on track for its highest close since May 13. "The risk premium has returned to oil prices after Ukraine's deep...
The U.S. dollar rose on Tuesday, pulling back from a six-week low against the euro, even as investors remained concerned about potential economic damage from the trade war waged by President Donald Trump's administration. "We had a big selloff in the dollar and we have it bouncing back a bit today ... I don't think there has been a lot of fresh news to say the dollar has turned in any kind of meaningful way," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. The dollar was up 0.7% against the yen at 143.73. The euro fell 0.5% to $1.1386, having briefly touched a...
Gold prices are experiencing a mild pullback after testing their highest levels since May 8 on Monday, as investors continue to digest trade-related headlines, including US President Donald Trump's request that countries submit their trade offers by Wednesday and the possibility of a call between Trump and Chinese President Xi Jinping. Looking at the US economic calendar, the JOLTS (Job Openings and Labor Turnover Survey) data report, scheduled for release at 14:00 GMT, will mark the start of a critical week of labor-related economic data. This report is expected to provide further...
The USD/CHF pair trades with mild gains near 0.8180 during the early European session on Tuesday, bolstered by a modest rebound of the US Dollar (USD). Nonetheless, tariff uncertainty and the persistent geopolitical tensions in the Middle East might boost the safe-haven currency like the Swiss Franc (CHF) and create a headwind for the pair. As a small and open economy, Switzerland is heavily dependent on the health of the neighboring Eurozone economies. The broader European Union is Switzerland's main economic partner and a key political ally, so macroeconomic and monetary policy stability...
Gold pulled back on Tuesday after nearing a four-week high earlier in the session, as a slight rebound in the dollar and profit-taking added pressure, while investors remained cautious amid erratic U.S. trade policies. Spot gold fell 0.5% to $3,361.26 an ounce as of 0842 GMT, after hitting its highest since May 8 earlier in the session. U.S. gold futures eased 0.3% to $3,386.20. The dollar slightly rose from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers. "This move (in gold) is bolstered by a weaker dollar and renewed demand for alternative...
Oil prices ticked up on Tuesday supported by rising geopolitical tensions as Russia and Ukraine ramped up the war and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 43 cents, or 0.7%, to $65.06 a barrel by 0807 GMT. U.S. West Texas Intermediate...
EUR/USD trades with moderate losses, following a strong performance on the previous day. The pair is moving around 1.1420 at the time of writing, with investors focusing on the preliminary Eurozone Consumer Prices Index (CPI) numbers, due later on Tuesday. Consumer prices are expected to have cooled in May, with the headline inflation returning to a 2% year-over-year (YoY) growth rate, from the 2.2% reading seen in April. Likewise, the core CPI is seen moderating to 2.5% from April's 2.7% reading. These figures are likely to be welcomed by the European Central Bank (ECB), which is widely...
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....