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...
The Japanese Yen (JPY) trims a part of its intraday gains against the broadly stronger US Dollar (USD), assisting the USD/JPY pair to recover nearly 50 pips from the Asian session low, around the 149.00 neighborhood. Any meaningful JPY depreciation, however, seems elusive in the wake of the growing market acceptance that the Bank of Japan (BoJ) will hike interest rates further this year. The bets were reaffirmed by BoJ Deputy Governor Shinichi Uchida's remarks, saying that the underlying inflation rate is gradually rising toward the 2% target. This helps offset the softer-than-expected...
Brent crude oil futures fell to around $73 per barrel on Friday, trimming gains of over 2% from the previous session, as traders continued to assess supply risks. On Thursday, President Trump revoked Chevron's license to operate in Venezuela, potentially tightening global supply. Chevron exports about 240,000 barrels per day from Venezuela, and halting its operation would disrupt more than a quarter of the country's entire oil output. Trump also affirmed tariffs on Mexico and Canada, including a 10% levy on Canadian energy imports, effective March 4. Meanwhile, investors weighed these...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, continued to strengthen on Thursday (27/2), breaking above 107.00 as markets digested the second reading of the United States (US) Gross Domestic Product (GDP) and its inflation component. Traders were surprised by the higher-than-expected Personal Consumption Expenditures (PCE) data, which reinforced concerns over persistent inflation. Daily Market Movers Summary: US dollar strengthens after GDP inflation surprise US GDP for Q4 2024 came in line with estimates at 2.3%,...
Gold prices fell to $2,880 an ounce on Thursday (27/2) after hitting a record high of $2,950 on Monday, pressured by a stronger U.S. dollar after President Donald Trump announced a new set of tariffs on major trading partners. The U.S. president announced 25% tariffs on Canada and Mexico for next week, minutes after Treasury Secretary Bessent only hinted at them for April. In addition, Trump announced restrictions on China and new levies on the European Union, further hurting demand for foreign currencies and boosting the U.S. dollar. On the economic data front, recent data continued to show...
Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron (NYSE:CVX) to operate in Venezuela. Investors, however, were still watching for signs of a potential peace deal in Ukraine, which could lead to higher Russian oil flows. Brent crude futures were up $1.53, or 2.1%, at $74.06 a barrel by 1:28 p.m. EST (1828 GMT). U.S. West Texas Intermediate crude futures were up $1.64, or 2.4%, at $70.26. The contracts had settled the previous session at their lowest since Dec. 10. "The market prefers...
EUR/USD struggles around the psychological level of 1.0500 in North American trading hours on Thursday. The major currency pair falls as United States (US) President Donald Trump reiterated tariff threats on the Eurozone. President Trump said in a press conference on Wednesday that he will announce 25% tariffs on "cars and other things" on the Eurozone "very soon." However, Trump didn't provide a timeline for the tariff imposition. In response to Trump's tariff threats, a European Commission (EC) spokesperson said, "The EU will react firmly and immediately against unjustified barriers to...
Gold's price (XAU/USD) ekes out more losses and faces already more than 1% loss ahead of the American trading session on Thursday. The leg lower came after United States (US) President Donald Trump casted doubts and confusion during a cabinet meeting on Wednesday about what levies will be applied, when and to which countries. President Trump said "tariffs will go on, not all, but a lot of them" and added that levies on Canada and Mexico imports will go into effect on April 2. Reciprocal tariffs should be installed on April 2 too. The US President confirmed a 25% tariff would be...
Gold's price (XAU/USD) faces strong selling pressure and extends this week's correction to hit a ten-day low near $2,880 at the time of writing on Thursday. The leg lower comes after United States (US) President Donald Trump cast doubts and confusion during a cabinet meeting on Wednesday about what levies will be applied, when and to which countries. President Trump said "tariffs will go on, not all, but a lot of them" and added that levies on Canada and Mexico imports will go into effect on April 2. Reciprocal tariffs should be installed on April 2 too. The US President confirmed a 25%...
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....