Oil prices fell on Friday (October 24th) as skepticism crept into the market regarding the Trump administration's commitment to sanctions against Russia's two largest oil companies related to the war in Ukraine. Brent crude futures closed 5 cents, or 0.1%, lower at $65.94 a barrel, while U.S. crude <CLc1> closed at $61.50 a barrel, down 29 cents, or 0.5%. Both crude benchmarks rallied early in the session, extending gains of more than 5% achieved on Thursday after the sanctions were announced, but then weakened in the final two hours of trading. Crude prices still closed up more than...
The dollar hit a seven-week low on Tuesday as investors braced for revised US data that could indicate the labor market is in worse shape than initially estimated, strengthening the likelihood of a deeper Fed rate cut. The dollar weakened 0.7% against the Japanese yen to 146.32, its weakest level since mid-August, while the pound rose 0.2% to $1.3558. The euro weakened to $1.1752 after touching its strongest level since July 24. A Bloomberg news report that Bank of Japan officials believe benchmark interest rates could be raised again this year also contributed to the Japanese currency's...
Oil prices continued their rally on Tuesday (September 9), driven by the latest smaller-than-anticipated increase in OPEC+ oil production, expectations that China will continue to hoard oil, and concerns over potential new sanctions against Russia. The eight-member Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Sunday to increase production starting in October by 137,000 barrels per day, down from the roughly 550,000 barrels per day they made in September and August. Brent crude rose 53 cents, or 0.8%, to $66.55 a barrel at 12:00 GMT, while U.S. West...
Gold hit a new record high on Tuesday (September 9), holding well above the $3,600 level reached in the previous session, as rising bets on a US interest rate cut weakened the dollar and pushed bond yields down, boosting demand for the precious metal. Spot gold rose 0.4% to $3,654.09 an ounce at 09:31 GMT, after hitting a record high of $3,659.10 earlier in the session. US gold futures for December delivery rose 0.4% to $3,693. Gold prices have risen nearly 39% this year, after surging 27% in 2024, driven by a weaker dollar, strong central bank accumulation, dovish monetary policy, and...
Oil prices continued their rally on Tuesday (September 9), driven by the latest smaller-than-anticipated increase in OPEC+ oil production, expectations that China will continue to hoard oil, and concerns over potential new sanctions against Russia. The eight-member Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Sunday to increase production starting in October by 137,000 barrels per day, down from the roughly 550,000 barrels per day they made in September and August. Brent crude rose 73 cents, or 1.1%, to $66.75 a barrel at 08:10 GMT, while U.S. West...
EUR/USD recorded a slight gain at 1.1760 after a two-day rally on Tuesday. The US dollar remained on the defensive as investors anticipated a sharp downward revision to US employment figures, although the political crisis in France continued to weigh on positive sentiment for the euro (EUR). The US Bureau of Labor Statistics is expected to release its seasonally adjusted employment data for the 12 months to March 2025 at 14:00 GMT. Markets are expecting a decline of up to 800,000 jobs, which would reflect a weaker-than-expected labor market and likely prompt the Federal Reserve (Fed) to...
The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European trading session as the US dollar weakened ahead of the release of the revised US Nonfarm Payrolls (NFP) report, which will be published at 14:00 GMT. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a new six-week low around 97.30. Investors will be closely monitoring the US Nonfarm Payrolls (NFP) benchmark revision...
The US Dollar Index (DXY), which tracks the greenback against six major currencies, attempted to strengthen during the European session on Tuesday after hitting a fresh six-week low near 97.30 the previous day. The US labor market has deteriorated following tariffs imposed by President Donald Trump since taking office. The US Nonfarm Payrolls (NFP) report for August showed on Friday that labor demand is slowing further, with companies adding fewer new workers. In August, the US economy added 22,000 new jobs, the worst figure seen since January 2021. The weakening US labor market has led to...
Gold prices scaled a fresh peak on Tuesday, as a weaker dollar and a dip in bond yields amid growing bets for a Federal Reserve rate cut this month lifted demand for the precious metal. Spot gold gained 0.4% to $3,651.38 per ounce as of 0249 GMT. U.S. gold futures for December delivery added 0.4% to $3,690.90. "We probably will see more upside in gold from here provided that the U.S. central bank delivers with regards to market expectations of seeing multiple rate cuts," KCM Trade Chief Market Analyst Tim Waterer said. U.S. job growth weakened sharply in August and the unemployment rate...
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....