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...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, extended its decline for the third straight day this week and was trading near 105.00 at the time of writing on Wednesday (05/03), its lowest level since early November. The down move came as traders further reduced their exposure to the Dollar across the board now that some analysts are calling for an end to US exceptionalism amid concerns that US President Donald Trump's tariffs could hurt economic growth. The move comes ahead of the European Central Bank's (ECB)...
Oil prices fell for a third day on Wednesday, as investors worried about OPEC+'s plan to continue raising output in April, and U.S. President Donald Trump's tariffs on Canada, China and Mexico escalated trade tensions. Brent crude futures fell $1.02, or 1.44%, to settle at $70.02 a barrel by 1149 GMT. U.S. West Texas Intermediate (WTI) crude futures fell $1.33, or 1.95%, to settle at $66.93 a barrel. Crude prices closed near their lowest levels in months the previous day, weighed down by expectations that U.S. tariffs and retaliatory tariffs by affected countries would slow economic growth...
EUR/USD strengthened above 1.0700 during the European session on Wednesday (05/03), the highest level seen this year. The major currency pair strengthened as the Euro (EUR) strengthened across the board after Germany's next chancellor candidate, Frederich Merz, and the Social Democratic Party (SDP) agreed to create a €500 billion (EUR) infrastructure fund and expand borrowing limits on Tuesday to boost defense spending and boost economic growth in the Eurozone. Such reforms could boost inflation in the Eurozone economy. Meanwhile, investors await the European Central Bank's (ECB) monetary...
The USD/CHF pair continued its downtrend for the third straight session, trading around 0.8880 during European hours on Wednesday (05/03). The pair remained under pressure after the release of Swiss Consumer Price Index (CPI) data. The monthly CPI rose by 0.6% in February, marking the first increase in nine months and the fastest pace since February 2021, surpassing market expectations of 0.5%. The annual inflation rate eased slightly to 0.3% in February, beating the expected increase of 0.2% but down from 0.4% in January, marking the lowest level since April 2021. Meanwhile, core...
Oil prices continued to slide after Commerce Secretary Howard Lutnick said the Trump administration could lift some tariffs on Mexico and Canada, adding to uncertainty in global markets. West Texas Intermediate crude was trading near $68 a barrel after falling 3% over the past three sessions, while Brent was hovering around $71. Lutnick did not explicitly say what action President Donald Trump was considering but dismissed the idea that the levies would be lifted entirely. He made the remarks on Fox. Crude prices have been falling since mid-January as Trump's trade policies raise the...
The US Dollar (USD) continued to weaken against its major peers on Tuesday, with the USD Index dropping to its weakest level since early December, pressured by growing concerns over an economic slowdown. Early Wednesday, the USD struggled to find demand as market focus shifted to the ISM Services PMI and ADP Employment Change data for February. After Monday's sharp decline, the USD Index fell nearly 1% on Tuesday. While addressing Congress at the end of the US session, US President Donald Trump reiterated that they would impose tariffs on products not made in the US. Meanwhile, during an...
Gold price (XAU/USD) halts its two-day winning streak on Wednesday as rising US Treasury yields pressured non-yielding assets. However, the precious metal could receive upward support from safe-haven demand amid the implementation of US tariffs. Trump's 25% levies on Mexican and Canadian imports took effect on Tuesday, alongside a hike in Chinese duties to 20%, escalating trade tensions and prompting retaliation. However, US Commerce Secretary Howard Lutnick suggested in a Fox News interview that Trump may reconsider his tariff policy less than 48 hours after its implementation. He noted...
Silver price (XAG/USD) extends its upside to around $32.15 during the early European session on Tuesday. The white metal edges higher amid uncertainty and trade war worries, which boost the safe-haven demand. Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.00, displaying bullish momentum in the near term. The first upside target for white metal emerges at...
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....