Oil prices increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike. "The market had run ahead of itself in regard to this OPEC+ increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we're seeing a classic sell the rumour, buy the...
Gold prices fell more than 1% on Monday as investors waited for news from the White House on potential tariffs on bullion and U.S. inflation data that will provide a steer on the Federal Reserve's interest rate path. Spot gold was down 1.4% at $3,350.94 an ounce by 1135 GMT after touching $3,408.06 on Friday, its highest since July 23. U.S. gold futures for December delivery fell 2.5% to $3,404.90, having hit a record high of $3,534.10 on Friday after reports that Washington had imposed tariffs on imports of 1 kg (2.2 lb) bullion bars. The White House said on Friday that it would issue an...
The US dollar rose against its major trading partners early Monday as markets look ahead to inflation and retail sales data for July this week. There are no US data scheduled for release Monday, but surprise appearances by Federal Reserve officials on television networks are possible. Consumer price index data for July will be the main release Tuesday, along with the National Federation of Independent Business' small business sentiment reading for July, weekly Redbook same-store sales and the Treasury's budget report for July. Weekly mortgage application and crude oil stock inventories...
Oil prices were steady on Monday, after falling more than 4% last week, as investors looked ahead to talks between the U.S. and Russia later this week on the war in Ukraine. Brent crude futures were up 5 cents to $66.64 a barrel at 1003 GMT, while U.S. West Texas Intermediate crude futures were down 1 cent to $63.87. U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased U.S. pressure on Russia, raising the prospect that penalties on Moscow could be...
The Pound Sterling (GBP) extends its winning streak for the fifth trading day against the US Dollar (USD) at the start of the week. The GBP/USD pair jumps to near 1.3480 due to the continued underperformance from the US Dollar, which is dragged by increasing expectations of interest-rate cuts by the Federal Reserve (Fed). At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades 0.17% lower to near 98.00. The US Dollar underperforms as traders have become increasingly confident that the Fed will reduce interest rates in the...
The U.S. dollar was little changed on Monday before Tuesday's deadline for Washington and Beijing to strike a tariff deal and a key U.S. inflation report that could help determine whether the Federal Reserve lowers borrowing costs next month. The dollar index was down less than 0.1% to 98.164 after last week's 0.4% fall. Against the yen, the U.S. currency traded at 147.39, down 0.2%. Japanese markets were closed on Monday for the Mountain Day holiday. The euro was up less than 0.1% at $1.1652, while sterling was flat at $1.3462. The dollar remains on the back foot as investors recently...
The Japanese Yen (JPY) seesaws between tepid gains/minor losses against its American counterpart through the early European session on Monday amid mixed fundamental cues. The prevalent risk-on environment, along with the uncertainty over the likely timing of the next interest rate hike by the Bank of Japan (BoJ), is seen undermining the safe-haven JPY. However, the divergent BoJ-Federal Reserve (Fed) policy expectations hold back the JPY bears from placing aggressive bets. Investors seem convinced that the BoJ will raise interest rates by the end of this year. In contrast, the US central...
Oil prices fell in Asian trade on Monday, extending declines of more than 4% last week as investors awaited the outcome of talks between the U.S. and Russia later this week on the war in Ukraine. Brent crude futures fell 62 cents, or 0.93%, to $65.97 a barrel by 0631 GMT, while U.S. West Texas Intermediate crude futures were down 69 cents, or 1.08%, to $63.19. Expectations have risen for a potential end to sanctions that have limited the supply of Russian oil to international markets, after U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on...
Gold prices slipped on Monday as market participants focussed on U.S.-Russia talks on the war in Ukraine, and July inflation data that could offer more insight into the Federal Reserve's interest rate outlook. Spot gold was down 0.6% at $3,378.49 per ounce, as of 0521 GMT, after hitting its highest since July 23 on Friday. U.S. gold futures for December delivery dropped 1.4% to $3,441.20. "Cooling geopolitical tensions surrounding the war in Ukraine saw gold fall further, following Friday's announcement that President Donald Trump will meet with Vladimir Putin on the U.S. soil," City...
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....