Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
EUR/USD tried to stretch for a fourth straight day of gains, but markets are drawing into the middle ahead of Friday's key US Nonfarm Payrolls (NFP) print. The Euro saw a sharp rejection from the 1.0850 level on Thursday, ending Fiber's three-day win streak. EUR/USD has had a stellar week, climbing 4.6% bottom-to-top from Monday's opening bids. Forex Today: The US Nonfarm Payrolls are coming! FX markets have sharply rebalanced after rate cut expectations took a tumble this week. According to rate markets, the European Central Bank (ECB) is broadly expected to only cut interest rates one...
Gold halted its three-day rally due to investors booking profits ahead of the crucial US Nonfarm Payrolls report. The rise of US Treasury bond yields also made holding the non-yielding metal less appealing. At the time of writing, the XAU/USD trades at $2,918, virtually unchanged. The yellow metal consolidated above the $2,900 figure, capped by the earlier rise of the US 10-year Treasury bond yield to a one-week high, before paring those gains to stand at 4.286%. Uncertainty surrounds the financial markets, spurred by controversial trade policies proposed by the President of the United...
Oil was largely steady in choppy trade on Thursday with global benchmark Brent still below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and OPEC+ plans to raise output. Brent futures were up 8 cents, or 0.1%, at $69.38 a barrel by 1:40 p.m. ET (1840 GMT), while U.S. West Texas Intermediate crude futures eased 6 cents, or 0.1%, to $66.24. Brent hit $68.33 on Wednesday, its weakest since December 2021, after a larger-than-expected build in U.S. crude inventories added to the bearish news earlier in the week of OPEC+'s hike in output quotas for the first time...
The US Dollar Index (DXY) is extending its losing streak on Thursday as fresh labor market and trade data put additional pressure on the Greenback. Job cuts surged dramatically, while weekly jobless claims showed a mixed picture of the labor market. Meanwhile, the European Central Bank (ECB) delivered a widely anticipated rate cut, with President Christine Lagarde emphasizing the need for heightened vigilance in uncertain economic conditions.US Dollar down after an additional round of soft labor data, ECBThe latest Challenger Job Cuts report for February revealed a sharp rise in layoffs,...
Gold prices fell about 1% on Thursday as investors booked profits after a three-day rally, with markets eyeing US jobs data for clues on the Federal Reserve's interest rate path amid rising global trade tensions. Spot gold, which was down 0.5% at $2,904.51 an ounce by 1211 GMT, has gained more than 10% this year. It hit a record high of $2,956.15 on Feb. 24. US gold futures also fell 0.5% to $2,912.10. "Gold appears to be seeing some profit-taking as investors watch tariff developments with prices trading near $2,900 ahead of the nonfarm payrolls report," said Lukman Otunuga, senior...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, faced a significant shift in its trading regime this week. The index was trading near 104.00 at the time of writing on Thursday (06/03). Several banks and traders reported that large clients were repatriating their offshore US Dollar-denominated investments back into their domestic currencies. This may mean that those volumes will not return anytime soon, the FT reported. The repatriation comes after weak US economic data that has left markets worried about the potential...
Oil prices were steady on Thursday after falling for the past four sessions as U.S. tariffs on Canadian crude supplies are likely to be eased, but investors remain wary of remaining tariffs on Mexico and major producers' plans to increase output. Brent crude futures were trading up 42 cents, or 0.61%, at $69.72 a barrel by 0144 GMT, while U.S. West Texas Intermediate (WTI) crude was up 40 cents, or 0.6%, at $66.71 a barrel. Brent has plunged 6.5% in the previous four sessions, falling to its lowest since December 2021 on Wednesday, while WTI has dropped 5.8% over the same period to its...
Gold edged lower as investors study the latest developments around tariffs and their impact on the US economy and Federal Reserve decisions. The precious metal was trading near $2,915 an ounce, about $40 short of the all-time high reached last week. Silver has also seen strong haven demand, and this week has gained nearly 5%. There was more movement on the tariff front on Wednesday, with President Donald Trump delaying newly imposed automaker levies on Mexico and Canada by a month. The move saw yields on Treasuries shift toward the lowest level of the year amid mounting investor conviction...
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....