Crude futures recover more of last week's losses as continued fighting between Russia and Ukraine keep alive expectations of greater U.S. sanctions and supply disruptions. An Israeli air strike targeting the Hamas leadership in Qatar also raises geopolitical risk in the Middle East, Jorge Leon, Rystad's head of geopolitical analysis, says in a note. "Recent diplomatic initiatives led by the U.S. and Qatar have been dealt a major setback," he says. Much could depend on the response of Qatar, a close U.S. ally and Gulf Cooperation Council member, he adds. "Any fallout could amplify tensions...
The USD/CHF pair weakens to near 0.9110, snapping the four-day winning streak during the early European session on Friday. The safe-haven flows demand amid the persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict boosts the Swiss Franc (CHF) against the Greenback. On Thursday, Joe Biden reportedly discussed plans to attack Iran's nuclear facilities in the event Tehran moved closer to building a nuclear bomb before Donald Trump's inauguration on January 20, three sources with knowledge of the issue tell Axios. Investors will closely monitor the...
The USD/JPY pair edges lower to near 157.30 during the Asian trading hours on Friday. The verbal intervention from the Japanese authorities provides some support to the Japanese Yen (JPY). However, the uncertainty surrounding the Bank of Japan's (BoJ) policy outlook might cap the JPY's upside. Markets in Japan are closed for the rest of the week. Traders brace for the US ISM Manufacturing PMI for December, which is due later on Friday. Traders will closely monitor any potential foreign exchange (FX) intervention by Japanese officials to prevent the JPY from depreciating. Japan Finance...
Gold prices retreated from a three-week high on Friday, pressured by a robust dollar, while markets braced for potential economic and trade shifts under U.S. President-elect Donald Trump. Spot gold eased 0.3% to $2,649.29 an ounce, after hitting its highest level since Dec. 13. Bullion is up about 1.1% for the week so far. U.S. gold futures were down 0.2% at $2,663.70. The new president's agenda that supports higher tariffs has boosted the dollar and created significant underlying pressure on metal markets, said Nitesh Shah, commodity strategist at WisdomTree. The dollar index was set...
Gold prices (XAU/USD) moved higher in the European session on Friday ahead of the United States (US) ISM Manufacturing Purchasing Managers' Index (PMI) data for December, due to be published at 15:00 GMT. The Manufacturing PMI was seen steady at 48.4, indicating that activity contracted at a steady pace. The precious metal has outperformed in 2024 with a gain of over 27%, the metal's best annual return since 2010. The sustained rally was driven by strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict. According to three...
Oil prices were little changed on Friday after closing at their highest in more than two months in the previous session, amid hopes that governments around the world could step up policy support to revive economic growth that would boost fuel demand. Brent crude futures edged up 1 cent to $75.94 a barrel by 0720 GMT, after settling at their highest since Oct. 25 on Thursday. U.S. West Texas Intermediate crude also rose 1 cent to $73.14 a barrel, with Thursday's settlement the highest since Oct. 14. Both contracts were on track for a second weekly gain after investors returned from...
The Australian Dollar (AUD) continued its gains for the second straight session against the US Dollar (USD) on Friday. The AUD gained support following a Financial Times report that the People's Bank of China (PBOC) is expecting a timely interest rate cut this year. As a close trading partner, any fluctuations in the Chinese economy are likely to affect the Australian market. The National Development and Reform Commission (NDRC), China's state planner, expressed confidence in achieving a sustained economic recovery by 2025. In a statement on Friday, the agency highlighted plans to...
The US Dollar (USD) strengthened to start the new year as trading conditions returned to normal after the holiday season. The US economic calendar will feature the ISM Manufacturing Purchasing Managers' Index (PMI) data for December later in the day. Investors will also be looking for comments from central bank officials. The USD Index rose more than 0.7% on Thursday and hit its highest level since November 2022 above 109.50. On Friday morning, the index retreated towards 109.00. The risk-averse market mood helped the USD outperform its rivals on the first trading day of the...
The EUR/USD pair halted its four-day losing streak, trading near 1.0270 during the Asian session on Friday. A review of the daily chart shows a persistent bearish bias, with the pair moving down within a descending channel pattern. The 14-day Relative Strength Index (RSI), a key momentum indicator, is hovering near the 30 level, indicating oversold conditions and a possible upside correction in the near term. However, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling weaker near-term price momentum and reinforcing the overall bearish sentiment. The...
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....