Oil prices held steady on Thursday (September 11th) as concerns over weakening US demand and the risk of a wider oversupply were offset by concerns over attacks in the Middle East and Russia's war in Ukraine. Brent crude futures fell 13 cents, or 0.2%, to $67.36 per barrel at 07:29 GMT, while U.S. West Texas Intermediate crude futures fell 17 cents, or 0.3%, to $63.50. Benchmark crude prices rose more than $1 per contract on Wednesday following Israel's attack on Hamas leaders in Qatar the previous day and the mobilization of Polish and NATO air defenses to shoot down a suspected Russian...
EUR/USD bounced back from an intraday low of 1.0270 and rebounded near 1.0350 during the European session on Tuesday (February 4). The major currency pair found buying demand as US President Donald Trump's decision to delay tariffs on Canada and Mexico has reduced the safe-haven appeal of the US Dollar (USD). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, gave up its intraday gains and is trading at 108.44 at the time of writing, right on track to hit Monday's low of 108.40. US President Trump suspended tariffs on his North American partners...
The British pound (GBP) bounced back from an intraday low of 1.2380 against the US dollar (USD) in the European session on Tuesday (February 4). The GBP/USD pair bounced back as the US dollar struggled to gain a firm footing, following US President Donald Trump's decision to suspend the imposition of 25% tariffs on Canada and Mexico for 30 days. President Trump agreed to the 30-day suspension in exchange for concessions on border enforcement and crime with the two neighboring countries, Reuters reported. The announcement triggered a sharp sell-off in the US dollar (USD). The US Dollar Index...
West Texas Intermediate (WTI) crude oil prices continued to decline for the second straight day, trading near $71.50 per barrel during European trading hours on Tuesday (2/4). The decline came amid subdued market sentiment following China's announcement of new tariffs on US goods in retaliation for US President Donald Trump's trade moves, which has sparked fears of a potential trade war between the world's two largest economies. China's Ministry of Commerce imposed 15% tariffs on US coal and liquefied natural gas (LNG) imports, along with additional 10% levies on crude oil, farm equipment...
Gold (XAU/USD) prices seesawed between modest gains/minor losses through the first half of the European session on Tuesday (February 4) as it remained close to its all-time tops touched the previous day. US President Donald Trump's decision to temporarily suspend tariffs on Mexico and Canada, after reaching a border security deal with the two countries, boosted investor confidence. The risk-on flow, along with the Federal Reserve's (Fed) hawkish pause, provided a modest lift to the US Treasury bond yields and helped the US Dollar (USD) regain some positive traction after the previous day's...
Silver traded around $31.50 an ounce on Tuesday, holding near its highest level since early December as the escalating trade war between the U.S. and China boosted demand for the safe-haven asset. China announced retaliatory tariffs after President Donald Trump's 10% tariffs on all Chinese imports went into effect. Earlier, Trump agreed to delay imposing 25% tariffs on Canada and Mexico for a month after the countries agreed to take tougher action on migration and drug trafficking. Meanwhile, strong manufacturing data from the ISM indicated some long-awaited pickup in U.S. factory activity,...
The Australian dollar (AUD) held firm after China's retaliation after new US tariffs of 10% on all imports from China came into effect on Tuesday (4/2). China's Ministry of Commerce announced that it would impose 15% tariffs on US coal and liquefied natural gas (LNG) imports, along with additional 10% tariffs on crude oil, farm equipment and certain cars. Additionally, to "safeguard national security interests," China imposed export controls on tungsten, tellurium, ruthenium, molybdenum and related products. The AUD/USD pair faces challenges as market volatility remains a concern as...
Gold (XAU/USD) prices attracted some sellers following an intraday rally that re-approached all-time highs and traded in neutral territory heading into the European session on Tuesday (February 4). However, the declines remained muted amid concerns about the potential economic impact of US President Donald Trump's trade tariffs, which may continue to underpin the safe-haven bullion. Moreover, expectations that Trump's protectionist policies will lead to higher US inflation could further benefit the precious metal's status as a hedge against rising prices. Meanwhile, Trump's decision to...
WTI crude oil futures fell below $72 per barrel on Tuesday after China announced a package of tariffs on a range of U.S. products in response to President Donald Trump's tariffs, heightening concerns about a potential trade war between the world's two largest economies. China said it will impose tariffs of 15% on coal and LNG imports from the U.S. and 10% on crude oil, farm equipment, and certain cars, effective February 10. This move came after the passing of a deadline that imposed a 10% U.S. tariff on all Chinese goods. Trump had earlier delayed planned levies on Canada and Mexico by a...
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....