The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of the US Federal Reserve (Fed) rate cut in the upcoming meeting might cap its downside. Traders await the University of Michigan Consumer Sentiment Index data, which is due later on Friday. A modest rebound in the US Dollar (USD) and a wave of profit-taking weigh on the USD-denominated commodity price as traders continue to assess the US inflation reports, which will help shape the next steps in...
Oil prices extended gains on Friday, headed for a weekly increase, as falling inventories of U.S. gasoline and distillate raised expectations of solid demand while concerns over supply disruptions in Russia lent support. Brent futures climbed 16 cents, or 0.2%, to $76.64 a barrel by 0123 GMT. U.S. West Texas Intermediate crude edged up 17 cents, or 0.2%, to $72.65. Both benchmarks were set for a weekly gain of about 3%. U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, the Energy...
The Australian Dollar (AUD) edges lower against the US Dollar (USD) following the release of Judo Bank's Purchasing Managers Index (PMI) on Friday. However, the AUD/USD pair saw gains after US President Donald Trump announced potential progress in trade negotiations with China, easing market concerns over tariffs.Australia's Judo Bank Manufacturing PMI rose to 50.6 in February, up from 50.2 in January. The Services PMI improved to 51.4 from 51.2, while the Composite PMI edged up to 51.2 from 51.1. Reserve Bank of Australia (RBA) Governor Michele Bullock cautioned that easing monetary policy...
The yen shot to a 2-1/2 month high on Friday on the back of a jump in Japanese inflation, while the dollar was set for a third weekly drop in a row as traders calculated the start of Donald Trump's second term has been mostly bluster on the tariff front. The yen broke through chart resistance at 150 per dollar overnight and it strengthened as far as 149.285 per dollar in the Asia morning after Japan recorded core inflation running at its fastest pace for 19 months in January. The euro was up 0.8% overnight and was steady in Asia at $1.0498 with traders awaiting an election in Germany on...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, extended its decline on Thursday, sliding near 106.30. The decline followed US President Donald Trump's announcement of potential progress on a trade deal with China, which offered markets a temporary reprieve from tariff concerns. Despite the relief, weak US jobless claims data and mixed Federal Reserve (Fed) comments kept traders cautious. The US Dollar Index remains under pressure after falling below 106.50, with bearish momentum gaining strength. The index is struggling to reclaim its...
Gold prices pared some gains on Thursday after hitting another record high, but remained supported by a weaker dollar on concerns about the economy and U.S. tariffs. Spot gold rose 0.1% to $2,937.13 an ounce, but had hit a record high of $2,954.89 an ounce earlier in the session. Gold futures expiring in April rose 0.5% to $2,951.10 an ounce. Concerns over Trump's trade policies hit risk-driven markets on Thursday, boosting demand for safe-haven assets such as bullion and the yen. Uncertainty over U.S. policy has been a major driver of gold's recent gains. Other precious metals also...
Oil prices closed higher on Thursday, marking a third straight day of gains, after data showed a decline in U.S. gasoline and distillate draws, while concerns about supply disruptions in Russia also supported prices. Brent crude futures settled up 44 cents, or 0.58%, at $76.48 a barrel. U.S. West Texas Intermediate (WTI) crude for March delivery rose 32 cents, or 0.44%, to $72.57. The more actively traded April WTI contract rose 0.35% to $72.50 a barrel. U.S. crude stockpiles rose slightly more than expected while fuel inventories fell last week as seasonal refinery maintenance led to...
Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market. Brent futures were up 34 cents, or 0.5%, at $76.38 a barrel by 1407 GMT. U.S. West Texas Intermediate crude rose 26 cents, or 0.4%, to $72.51. U.S. crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday. [API/S] Oil prices edged lower on Thursday because of the stock build in the U.S., said Saxo Bank analyst Ole Hansen. "The...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, slips lower on Thursday and trades below 107.00 at the time of writing. The move comes after United States (US) President Donald Trump mentioned that a trade deal with China might come. This is a big sigh of relief in markets on the tariff and trade front, as it would mean that some easing could come before April when levies are due to kick in. The US economic calendar is quite calm this Thursday, except for the weekly Initial Jobless Claims, the Philadelphia Fed Manufacturing...
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....