Oil prices are headed for their biggest weekly gain since June after the US imposed sanctions on major Russian producers Rosneft and Lukoil, potentially disrupting supply and shifting demand to alternative grades. Brent oil hovered near $66 per barrel after surging 5.4% in the previous session, while WTI held below $62. Russian oil flows to India are expected to plummet due to the sanctions, while the impact on Chinese purchases remains unclear. President Donald Trump plans to raise the issue of China's purchases of Russian oil when he meets with President Xi next week. Russia may offer...
Gold prices extended declines in Asian trading on Thursday, slipping from record highs as the U.S dollar rebounded after the Federal Reserve lowered interest rates in a widely expected move and signalled a measured approach to further policy easing. Spot gold fell 0.7% to $3,635.55 an ounce by 02:24 ET (06:24 GMT), extending a nearly 1% loss from the previous session, where it reached a fresh record high of $3,707.40/oz. U.S. Gold Futures for December delivery dropped 1.3% to $3,670.45. Fed lowers rates by 25bps, cautious on future easingThe Fed lowered its benchmark rate by 25 basis...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, has lost its daily gains and is trading around 97.00 during the European hours on Thursday. Traders will likely observe weekly US Initial Jobless Claims later in the North American session. However, the US Dollar (USD) gained support from strong inflation projections that have curbed expectations of more aggressive Federal Open Market Committee (FOMC) rate cuts. The Federal Reserve (Fed) lowered the funds rate by 25 basis points (bps), marking the first cut of the year. A Summary of...
Silver slipped below $41.5 per ounce on Thursday, falling for a third consecutive session after the US Federal Reserve delivered a widely expected quarter-point rate cut but struck a more cautious stance on further easing than markets anticipated. The Fed signaled two more reductions this year but only one in 2026, pushing back against expectations for two or three cuts next year. Chair Jerome Powell described the move as "risk management" in response to labor market weakness, while emphasizing there is no urgency to accelerate cuts. Elsewhere, the Bank of Canada also lowered its policy...
The Japanese Yen (JPY) edges lower during the Asian session on Thursday in reaction to the weaker-than-expected release of Core Machinery Orders data from Japan. This, along with a further US Dollar (USD) recovery from the post-FOMC swing low to the lowest level since February 2022, acts as a tailwind for the USD/JPY pair . Moreover, concerns that domestic political uncertainty could give the Bank of Japan (BoJ) more reasons to delay raising interest rates, along with the underlying bullish sentiment, seem to undermine the safe-haven JPY. Meanwhile, the US Federal Reserve's (Fed) dovish...
The U.S. dollar was steady early on Thursday following its plunge to a 3-1/2-year low and then forceful rebound as traders grappled with the ramifications of the Federal Reserve's measured rhetoric on further interest rate cuts. The Fed reduced rates by a quarter point on Wednesday, as expected, and indicated it will steadily lower borrowing costs for the rest of this year, initially sending the dollar plunging. However, Fed Chair Powell characterised the day's policy action as a risk-management cut in response to the weakening labour market, but the central bank does not need to...
Gold rises in the early Asian session amid prospects of further Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal. The Fed approved a 25bps rate reduction on Wednesday, with a narrow majority of officials penciling in at least two more cuts this year. "Investors cheered the beginning of the rate cut cycle," ANZ Research analysts say in a research report. However, gold price's gains have been curbed by Fed Chair Powell's remarks that were perceived as less dovish than the market had been expecting, the analysts add. Spot gold is 0.3% higher at...
Oil held a decline as traders weighed the impact of the Federal Reserve's interest-rate cut, alongside warnings of mounting US labor market weakness. West Texas Intermediate held steady at $64.13 a barrel, after falling 0.7% the previous day. Brent closed 0.8% lower on Wednesday, as traders had mostly priced in the 25 basis-point cut ahead of the Fed's decision and unwound hedges against a larger reduction. The decline cooled a three-session rally following concerns over oil flows amid Ukraine's attacks on Russian refineries, while oil markets are expected to face oversupply...
The USD/JPY pair recovered from a dip around 146.80 during the early Asian session on Thursday (September 18th). The US dollar (USD) rebounded from a six-week low near 146.00 after the Federal Reserve (The Fed) cut interest rates by a quarter of a percentage point. The Fed decided to cut its benchmark interest rate at its September meeting on Wednesday, the first time since December, and hinted at the possibility of further cuts this year. Fed Chairman Jerome Powell highlighted growing signs of weakness in the labor market to explain why officials decided it was time to cut interest rates...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
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....