Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel at 08:54 GMT, and U.S. West Texas Intermediate crude rose 4 cents to $62.41. Brent and WTI benchmarks fell 1.7% and 2%, respectively, on Thursday. The International Energy Agency's monthly report on Thursday stated that global oil supply will rise faster than expected this year due to planned production increases by the OPEC+ group,...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, edges slightly lower and trades near 107.00 at the time of writing on Monday. Market mood improved after European leaders, including Ukrainian President Volodymyr Zelenskyy, showed a willingness to guarantee a peace deal in Ukraine on Sunday. The plan now needs to be backed by the United States (US). On the economic data front, the focus will be on the manufacturing sector in the United States. In addition to the S&P Global Purchase Managers Index (PMI) final reading for...
Oil prices were little changed on Monday after posting their first monthly loss since November, as investors awaited the outcome of efforts to end the Russia-Ukraine war and the impact of U.S. tariffs. Brent crude was up 11 cents, or 0.15%, at $72.92 a barrel by 1105 GMT while U.S. West Texas Intermediate crude was up 3 cents, or 0.04%, at $69.79. Ukrainian President Volodymyr Zelenskiy said on Sunday he was confident he could salvage his relationship with U.S. President Donald Trump. However, he said talks would need to continue behind closed doors after a violent clash in the Oval Office...
Silver (XAG/USD) prices surged nearly 1% to near $31.50 during European trading hours on Monday (03/03). The white metal strengthened as rising Federal Reserve (Fed) dovish bets weighed on the US Dollar (USD). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, extended its decline after a three-day rally and dipped near 107.00. According to the CME FedWatch tool, there is a 77% chance that the Fed will cut its benchmark lending rate in June, up from 63% a week ago. In its March and May policy meetings, the Fed was almost certain to keep rates...
The pound (GBP) traded higher against other major currencies, except the euro, at the start of the week on the back of a potential Russia-Ukraine ceasefire. Over the weekend, United Kingdom (UK) Prime Minister Keir Starmer said European leaders had agreed to present a peace plan to Washington. The meeting between European leaders and Starmer was also attended by Ukrainian President Volodymyr Zelenskyy, which could be a major positive step towards ending the three-year war in Ukraine. Technically, signs of easing geopolitical tensions have boosted demand for riskier assets. In addition,...
Gold (XAU/USD) prices struggled to extend modest intraday gains through the early European session on Monday (03/03), albeit managed to hold above a three-week low touched on Friday. Traders are pricing in the possibility that the Federal Reserve (Fed) will cut interest rates by a quarter percentage point twice by the end of this year amid signs of deteriorating consumer sentiment. This, in turn, failed to help the US Dollar (USD) capitalize on its three-day recovery from over two-month lows touched last week and helped revive demand for the non-yielding yellow metal. Additionally, growing...
Oil edged up on Monday as upbeat manufacturing data from China, the world's biggest crude importer, fueled renewed optimism about fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential U.S. tariffs loomed. Brent crude was up 19 cents, or 0.3%, at $73.00 a barrel by 0720 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, up 19 cents, or 0.3%. Prices rose after official data on Saturday showed Chinese manufacturing activity expanded at the fastest pace in three months in February as new orders and higher purchasing volumes led...
The US Dollar Index (DXY) faced selling pressure near 107.25, ending a three-day winning streak during the early European session on Monday (03/03). Rising expectations that the US Federal Reserve (Fed) will cut interest rates by a quarter percentage point twice by the end of this year dragged the DXY lower. Technically, the bullish outlook for the DXY remains in place as the index is holding above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, the 14-day Exponential Moving Average (EMA) is hovering around the midline, suggesting that further consolidation...
Gold prices edged higher in Asian trading on Monday as the dollar weakened, while uncertainty surrounding U.S. trade tariffs and Russia-Ukraine peace talks supported bullion's safe-haven appeal. Spot Gold rose 0.3% to $2,865.69 per ounce, while Gold Futures expiring in April gained 0.9% to $2,873.59 an ounce by 00:35 ET (05:35 GMT). Dollar dips amid tariff uncertainty; pushes gold up U.S. President Donald Trump announced 10% additional tariffs on China and reaffirmed his tariff timings for 25% levies on Mexico and Canada last week. However, on Sunday, U.S. Commerce Secretary Howard...
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....