The USD/CHF pair attracts slight bids and rises to near 0.8025 during the European trading session on Friday. The Swiss Franc pair ticks up as the US Dollar (USD) trades marginally higher ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for July, which will be published at 12:30 GMT. During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, edges higher to near 98.00. Investors will pay close attention to the core PCE inflation data – which excludes volatile items such as food and energy – as it...
Oil rose after US data showed a drop for national gasoline inventories, but gains were capped by the International Energy Agency's forecast of a large crude glut next year. West Texas Intermediate climbed near $69 a barrel. A US government report showed that gasoline stockpiles slid to the lowest in two years. Data also showed that inventories at the key Cushing, Okla., storage hub fell by the most in about two months, though the nation's total crude inventories posted a build. The IEA on Thursday warned that the oil market faces a surplus of more than 1 million barrels a...
Oil prices were mostly steady on Thursday, with traders holding back after a drop earlier this week on a stronger U.S. dollar and concerns about rising supply amid slowing demand growth. Brent crude futures were down 3 cents at $72.25 a barrel by 0937 GMT. U.S. West Texas Intermediate crude futures were down 7 cents at $68.36. "The main driver of oil prices, both in the short term and going forward, is the direction of the U.S. dollar," said Danish Lim, investment analyst at Phillip Nova. The dollar's recent rise has been the main downward pressure, said Lim, who expects the oil market to...
Gold slipped for a fifth day as a surge in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month. Bullion dropped 1% in early London trading. A gauge of the dollar is at a two-year high on expectations that President-elect Donald Trump's win will boost economic growth and corporate profits. A stronger greenback makes commodities priced in the currency more expensive for most buyers. Wednesday's US consumer price data fell, in line with expectations on a headline basis, although the annualized three-month...
Silver price (XAG/USD) extends its losses to two-month lows, trading around $29.90 per troy ounce during the European hours on Thursday. This downside of the safe-haven Silver is attributed to improving risk sentiment since Donald Trump's election victory last week. The US Dollar (USD), equities, and cryptocurrencies are advancing as markets anticipate strong growth and higher inflation under the incoming Trump administration. The proposed policies could drive increased investment, spending, and labor demand, raising inflation risks. The dollar-denominated Silver faces challenges due to...
This week's price action has given us a glimpse of what's to come in the forex market in Trump's second term, with a brief dollar correction being taken as an opportunity to enter structural USD long positions at more attractive levels, notes ING forex analyst Francesco Pesole. "While our view is that the dollar will remain strong through next year, the near-term picture is still a bit more nuanced as long-term dollar positioning is starting to look quite stretched and a broader (albeit short-lived) dollar correction could be on the cards. One catalyst could be today's PPI print, which has...
Silver prices fell near $30 an ounce on Thursday, nearing a two-month low as risk sentiment and a stronger dollar diverted investor interest from the precious metal. Equities, cryptocurrencies and the dollar have rallied since Donald Trump's election victory last week, as markets bet on strong growth and higher inflation under the new administration. Meanwhile, the latest U.S. inflation figures met expectations, with little impact on the Federal Reserve's monetary policy outlook. In China, investors were disappointed by Beijing's latest support measures to stabilize the economy, although...
Gold price (XAU/USD) continues losing ground for the fifth consecutive day and drops to its lowest level since September 19, around the $2,559-2,558 region as the US Dollar (USD) buying remains unabated through the Asian session on Thursday. Hopes that US President-elect Donald Trump's policies will spur growth and stimulate inflation, and force the Federal Reserve (Fed) to pause its easing cycle remain supportive of elevated US Treasury bond yields. This, in turn, lifts the USD to its highest level since November 2023 and continues to weigh heavily on the commodity. Furthermore, the US...
Gold prices (XAU/USD) attracted sellers for the fifth consecutive day and dropped to the lowest level since September 19, around the $2,559-2,558 region during the Asian session on Thursday. The US Dollar (USD) continued its post-election rally and climbed to a new peak so far this year (YTD) on hopes that US President-elect Donald Trump's policies will spur growth. This, in turn, was seen as a key factor that continued to weigh on the USD-denominated commodity. Meanwhile, investors believe that the protectionist tariffs expected from the new Trump administration could increase inflation...
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....