Silver price (XAG/USD) extends its winning streak for the third successive session, marking a fresh 14-year high at $42.17 during the Asian hours on Friday. The precious Silver attracts buyers as market expectations for three Federal Reserve (Fed) rate cuts this year increase after US Weekly Initial Jobless Claims climbed to their highest since October 2021. The increased jobless claims, along with last week's weak Nonfarm Payrolls report, overshadow a hotter-than-expected consumer inflation reading. It's worth noting that when interest rates are low, investors often turn to non-yielding...
Oil prices climbed for the first time in three days on Thursday, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron (CVX.N), opens new tab to operate in Venezuela. Brent crude oil futures rose 24 cents or 0.33% to $72.77 a barrel by 0328 GMT. U.S. West Texas Intermediate crude oil futures were up 18 cents or 0.26% at $68.80 per barrel. A day earlier, the contracts settled at their lowest since December 10 due to a surprise build in U.S. fuel inventories that hinted at weakening demand and hopes for a potential peace deal...
Gold prices fell in Asian trade on Thursday, pulling back further from record highs on pressure from a stronger dollar, as U.S. President Donald Trump kept up his threats of increased trade tariffs. The yellow metal was hit with a wave of profit-taking from record highs this week, even as the prospect of higher trade tariffs and a cooling U.S. economy kept safe haven demand in play. Gold prices struggled to cross the $3,000 an ounce level. Reports that a U.S.-brokered peace deal between Russia and Ukraine was close undermined some safe haven demand for gold. Broader metal prices were also...
The US Dollar Index (DXY) gains traction to near 106.65 during the early European session on Thursday. The cautious mood amid the tariff uncertainty from US President Donald Trump could lift the Greenback. However, the weaker US economic data have prompted traders to raise bets for interest rate cuts, now seeing two quarter-point reductions this year, with the first likely in July and the next as early as October. This, in turn, might cap the upside for the DXY. According to the 4-hour chart, the DXY keeps the bearish vibe as the price remains capped below the key 100-period EMA...
GBP/USD depreciates after two consecutive sessions of gains, trading around 1.2660 during Asian hours on Thursday. The pair loses ground as the US Dollar (USD) strengthens amid increased risk aversion and rising US Treasury yields. Federal Reserve Bank of Atlanta President Raphael Bostic stated late Wednesday that the Fed should maintain current interest rates to continue applying downward pressure on inflation, according to Bloomberg. Bostic noted the need for more data to determine if January's inflation was a temporary bump or the start of a trend. He emphasized that Fed policy remains...
The Japanese Yen (JPY) is ticking lower against its American counterpart during the Asian session on Thursday, though it remains close to the highest level since October 2024 touched earlier this week. Bank of Japan (BoJ) Governor Kazuo Ueda's comments last week about potentially increasing regular bond buying led to a further decline in the Japanese government (JGB) bond yields. Apart from this, concerns over US President Donald Trump's tariff plans and a positive risk tone turn out to be key factors undermining the JPY. Any meaningful JPY depreciation, however, still seems elusive in the...
The Australian Dollar (AUD) holds gains against the US Dollar (USD) on Thursday. The AUD/USD pair edges higher despite disappointing Australian Private Capital Expenditure data, which unexpectedly contracted by 0.2% quarter-on-quarter in Q4 2024, missing market forecasts of 0.8% growth. This follows an upwardly revised 1.6% expansion in the previous quarter. Reserve Bank of Australia Deputy Governor Andrew Hauser said on Thursday that he expects more positive news on inflation but emphasized the importance of seeing this progress materialize first. He noted that the tightness in Australia's...
Oil prices edged up from two-month lows on Thursday after U.S. President Donald Trump announced a reversal of a license given to Chevron (NYSE:CVX) to operate in Venezuela, potentially tightening crude supply. Brent crude oil futures rose 19 cents or 0.3% to $72.72 a barrel by 0154 GMT. U.S. West Texas Intermediate crude oil futures were up 16 cents or 0.2% at $68.78 per barrel. Both benchmarks on Wednesday settled at their lowest since December 10 due to a surprise build in U.S. fuel inventories that hinted at weakening demand and hopes for a potential peace deal between Russia and...
EUR/USD pulled back on Wednesday, shedding around one-quarter of one percent after US President Donald Trump insisted that tariffs are coming for the European Union too, not just Canada and Mexico.The group of nations not facing tariff threats from the White House is rapidly diminishing. Should a full-scale trade war unfold, the Euro has now been added to the list of vulnerable currencies that may experience increased volatility due to shifting risk sentiment, as investors struggle to keep pace with the frequent updates emanating from the White House. This week, UK data is relatively...
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....