The US dollar weakened on Friday after a surge in jobless claims and a moderate rise in inflation made markets increasingly confident that the Fed would cut interest rates next week—and possibly further thereafter. The dollar index stood at 97.585, heading for a second straight weekly decline after snapping a two-day rally on Thursday.Thursday's data showed the largest weekly increase in jobless claims in four years, overshadowing the August CPI release, which rose the fastest in seven months but remained moderate and in line with expectations. Some market participants called the current...
The Japanese Yen (JPY) reverses Asian session losses against its American counterpart, dragging the USD/JPY pair back below the 150.00 psychological mark in the last hour. Japan's Services Producer Price Index (PPI) released earlier this Tuesday underscores the view that rising wages are persuading firms to pass on higher labour costs through price hikes. This comes on top of Japan's strong consumer inflation figures and reaffirms bets that the Bank of Japan (BoJ) will hike interest rates further, which, in turn, continues to underpin the JPY. Meanwhile, BoJ Governor Kazuo Ueda's remarks...
Gold price (XAU/USD) ticks lower during the Asian session on Tuesday and erodes a part of the previous day's gains to a fresh all-time peak. The US Dollar (USD) builds on the overnight bounce from its lowest level since December 10 and turns out to be a key factor undermining demand for the commodity. Apart from this, slightly overbought conditions on the daily chart further prompt traders to lighten their bullish bets around the precious metal, though the fundamental backdrop warrants some caution before placing aggressive bearish bets. Meanwhile, investors remain worried about the...
The dollar rose on Tuesday after falling to its lowest in more than two months at the start of the week, buoyed by safe-haven flows after U.S. President Donald Trump said tariffs on Mexico and Canada would proceed as planned. The stronger dollar in turn left the euro off a one-month high at $1.0461, with future gains in the single currency likely to hinge on how soon a coalition government can be formed in Germany following the election victory of the country's conservatives. Trump on Monday said that tariffs on Canadian and Mexican imports are "on time and on schedule" despite efforts by...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.80 during the early Asian session on Tuesday. The WTI price extends the recovery amid concerns of near-term supply tightness. The United States (US) imposed a fresh round of sanctions, the Treasury and State Departments announced on Monday, targeting companies and individuals, including the head of Iran's national oil company. This might add to concerns of near-term supply tightness, weighing on the WTI price. On the other hand, traders will closely monitor the developments surrounding further tariff policies...
Gold consolidates in early Asian trade, but potential profit-taking may weigh after front-month gold futures settled at a fresh record high overnight. The recent uptrend in the precious metal coincided with negative signs over the future of economic activities and the labor market in the U.S., XS.com's Samer Hasn says in an email. These sources of uncertainty have added to those prevailing globally such as concerns over trade conflict between the U.S. and the rest of the world, the senior market analyst adds. Spot gold is little changed at $2,952.39/oz. Source: Marketwatch
GBP/USD was volatile on Monday (24/2), surging to a fresh 10-week high before slumping back to the day's opening bid near 1.2630. Cable failed to reclaim the 1.270 handle, and price action has fallen back below the 200-day Exponential Moving Average (EMA) near 1.2660. A resurgence in US inflation figures late last week sparked a fresh round of risk aversion. Investors will be focused on the upcoming US Personal Consumption Expenditure (PCE) inflation data due later this week. Traders are hoping that the early-year uptick in key inflation data from the US will recede quickly and not turn...
Oil prices edged up on Monday as new U.S. sanctions on Iran and a commitment to compensate for excess production by Iraq added to concerns about a short-term supply squeeze, helping the market recover some of Friday's steep losses. Brent crude futures rose 45 cents, or 0.6%, to $74.88 a barrel by 1:39 p.m. EST (1839 GMT), after closing at their lowest since Feb. 6 on Friday. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $70.83, recovering from their lowest settlement so far this year in the previous session. The U.S. Treasury Department imposed a new round of...
Gold prices surged during the North American session after hitting a record high of $2,956 as the greenback weakened and US Treasury yields fell. At the time of writing, XAU/USD was trading at $2,949, up 0.49%. Uncertainty kept Bullion prices firm as investors weighed US President Donald Trump's proposed trade policies. Geopolitics continued to be in the second stage as the Ukraine-Russia conflict appeared closer to being resolved, while rising tensions in the Middle East fueled demand for Gold. Gold prices have been on the rise for the past eight weeks, driven by the most significant net...
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....