Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on Thursday. The attacks have halted operations at Primorsk, the region's main oil loading port, and three pumping stations that deliver crude to the Ust-Luga hub, a source familiar with the situation said. This increased risk premium offsets the International Energy Agency's (IEA) projection for a record-breaking oil supply surplus next year. The IEA's...
Gold prices fell on Friday as the Greenback trims some of its losses and US Treasury bond yields recover following the release of a US jobs market report. At the time of writing, the XAU/USD trades at $2,907, down 0.11%. The US Bureau of Labor Statistics (BLS) released the February Nonfarm Payrolls (NFP) report, which showed that the economy added more people to the workforce than in January despite missing the mark. The same data showed that the Unemployment Rate remained within familiar levels with Federal Reserve (Fed) Governor Adriana Kugler saying that hiring remains above the...
EUR/USD trades firmly around the fresh four-month high of 1.0850 in Friday's North American session after the release of the softer-than-expected United States (US) Nonfarm Payrolls (NFP) data for February. The US NFP report showed that the economy added 151K fresh workers, slightly lower than estimates of 160K. However, the pace of labor demand remained higher than what investors saw in January. In the previous month, 125K fresh workers were added, downwardly revised from 143KThe Unemployment Rate accelerated to 4.1%, from estimates and the former release of 4%. Meanwhile, Average Hourly...
The dollar index remained near a four-month low of 103.7 on Friday, marking its fifth straight session of declines, the longest losing streak in nearly a year. Traders were analyzing the payrolls report, which showed that the labor market showed few signs of weakness. The U.S. economy added 151,000 payrolls, slightly lower than the 160,000 expected, the unemployment rate unexpectedly edged up to 4.1% and wage growth eased to 0.3%, as expected. Meanwhile, federal government employment declined by 10,000, but the full impact of the DOGE layoffs has yet to materialize. Additionally, ongoing...
Gold prices edged up on Friday, poised for a weekly gain on safe-haven inflows and a U.S. jobs report that showed weaker-than-expected job growth in February, suggesting the Federal Reserve will cut interest rates this year. Spot gold was up 0.3% at $2,918.11 an ounce by 9:24 a.m. (1424 GMT). Bullion has gained more than 2% so far this week, as U.S. President Donald Trump's ever-changing tariff policies fueled uncertainty. U.S. gold futures were steady at $2,925. The U.S. dollar index was on track for its worst weekly performance since Nov. 4, making dollar-priced bullion cheaper for...
Oil rose on Friday but remained on track for its biggest weekly decline since late last year as U.S. President Donald Trump's tariffs on major trading partners injected volatility and uncertainty into global markets. Brent crude futures rose near $70 a barrel on Friday, helped by a falling dollar and potential U.S. plans to replenish its strategic oil reserves, but are still down more than 3% this week. Trump signed an order Thursday to cut tariffs on Mexico and Canada covered by the trade pact through April 2, just days after the tariffs went into effect. (Newsmaker23) Source: Bloomberg
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, had its worst week in more than a year, down more than 3.5% since Monday and trading near 103.70 at the time of writing on Friday (07/3). The greenback is undergoing a regime change where the US Dollar is no longer favored by traders. The interest rate differential between the Federal Reserve (Fed) and other central banks is set to narrow after Fed Governor Christopher Waller said on Thursday that there could be two to three rate cuts this year. On the economic data front, all eyes...
Silver (XAG/USD) prices faced selling pressure near $32.70 during European trading hours on Friday (07/03). The white metal traded cautiously ahead of the United States (US) Nonfarm Payrolls (NFP) data for February, which will be published at 13:30 GMT. The US NFP data will significantly influence market expectations regarding the Federal Reserve's (Fed) monetary policy outlook. Upbeat labor market data will increase market speculation that the Fed will keep interest rates steady in the current range of 4.25%-4.50% for a longer period. Conversely, a weak figure will weaken it. Technically,...
Gold price (XAU/USD) builds on the steady intraday ascent through the first half of the European session and climbs back closer to the top end of its weekly range. The US Dollar (USD) selling bias remains unabated in the wake of rising bets that the Federal Reserve (Fed) will cut interest rates several times in 2025 amid worries about slowing US economic growth. This keeps the USD depressed near a multi-month low and turns out to be a key factor acting as a tailwind for the non-yielding yellow metal. Moreover, the uncertainty surrounding US President Donald Trump's trade policies and their...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....