Oil prices plummeted on Tuesday (July 23) for the third straight session, as hopes for a trade deal between the U.S. and Europe faded, fueling concerns of an economic slowdown in the world's largest oil market. Brent crude futures fell 82 cents, or 1.2%, to $68.39 a barrel at 1:59 p.m. EDT. U.S. West Texas Intermediate crude for August delivery, which expires on Tuesday, fell $1.05, or 1.6%, to $66.15 a barrel. The more active September WTI contract fell 87 cents, or 1.3%, to $65.08 a barrel. The European Union is exploring a broader range of possible retaliatory measures against the U.S....
A gauge of the dollar inched higher after erasing much of its post-election gains in the previous session. Australia's dollar underperformed its Group-of-10 peers amid jitters before the outcome of China's key legislative meeting. The Bloomberg Dollar Spot Index rose 0.1%. It closed 0.8% lower Thursday, after spiking 1.3% following Donald Trump's victory in the US election. Aussie fell on leveraged sales ahead of event risk posed by the National People's Congress meeting in Beijing, according to an Asia-based FX trader. "There are many people who want to buy the dollar on...
Oil headed for a weekly gain as the market digested the implications of a second Trump presidency, including whether it would spur an expansion of stimulus efforts from No. 1 importer China. Brent crude traded above $75 a barrel, and was up more than 3% for the week. West Texas Intermediate was near $72. China's top legislative body is set to unveil the largest fiscal package since the pandemic on Friday, and there are also signs the prospect of an extended trade war with the US means there will be more stimulus going into next year. A Donald Trump presidency may...
Gold held a gain at the end of a volatile week's trading, after the Federal Reserve reduced interest rates and investors assessed the implications of Donald Trump's White House victory. Bullion was little changed below $2,707 an ounce after rising almost 2% on Thursday as the Fed cut borrowing costs by 25 basis points, in line with expectations. Chair Jerome Powell said he didn't rule "out or in" a cut in December, noting recent indicators suggested the economy was still expanding solidly. Lower rates tend to benefit the metal, as it doesn't pay interest. The gain on...
Crude futures reverse course and settle higher as the market continues to debate implications for oil of a second Trump administration, from facilitating more U.S. output to settling geopolitical conflicts that have added a premium to prices, or tightening sanctions against producers such as Iran and Venezuela. While Hurricane Rafael is seen tracking well south of the U.S. Gulf coast, platform evacuations had shut in around 22% of offshore production versus 17% yesterday, according to the Bureau of Safety and Environmental Enforcement. Earth Science Associates estimates overall output...
Gold prices rose more than 1% on Thursday, helped by a retreat in the U.S. dollar, while the Federal Reserve cut interest rates by a quarter of a percentage point as widely expected. Spot gold was up 1.2% at $2,691.36 per ounce as of 2:22 p.m. EST (1919 GMT), after dropping to a three-week low on Wednesday. U.S. gold futures settled 1.1% higher at $2,705.80. At the end of a two-day policy meeting, the U.S. central bank lowered the benchmark overnight interest rate to the 4.50%-4.75% range, with policymakers taking note of a job market that has "generally eased". The dollar index (.DXY),...
Gold (XAU/USD) bounced back to $2,670 on Thursday after dropping 3% the previous day as President-elect Donald Trump secured victory in the US presidential election. Gold drops 3.0% as Donald Trump wins election Gold's sharp decline on Wednesday was partly a result of the strengthening US Dollar (USD) due to Trump's dollar-positive economic agenda and preference for pro-tariff protectionism. Since Gold is mostly priced and traded in USD, a stronger Dollar has a direct negative impact on its price. Source: FXStree
Gold steadied after plunging more than 3% in the previous session, with markets weighing the outlook for the US and global economy following Donald Trump's decisive White House victory. Bullion traded near $2,660 an ounce following its biggest one-day fall in five months. That decline was sparked by the dollar surging to a one-year high as Trump won back the presidency in a stunning comeback, which prompted some traders to book profits as fears over a contested result eased. A stronger dollar makes the precious metal more expensive for most buyers. "The move in the US dollar and...
EUR/USD rebounds to near 1.0770 in European trading hours on Thursday. The major currency pair bounces back after posting a more than four-month low below 1.0700 on Wednesday. The recovery comes as the US Dollar (USD) corrects ahead of the Federal Reserve's (Fed) interest rate decision, which will be published at 19:00 GMT. On Wednesday, the USD Index surged more than 1.6% – the highest single-day gain in almost four years – as United States (US) citizens chose Republican Donald Trump in the presidential elections over Democratic candidate Kamala Harris. The reasoning behind the US Dollar's...
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....