Oil prices posted a slight increase on Friday (October 17th), but were close to a weekly loss of nearly 3% after the International Energy Agency (IEA) forecast a widening oversupply, and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine. Brent crude futures closed at $61.29 per barrel, up 23 cents, or 0.38%. U.S. West Texas Intermediate crude futures closed at $57.54 per barrel, up 8 cents, or 0.14%. Trump and Putin agreed on Thursday to hold another summit on the war in Ukraine, to be held in Hungary within the next two weeks. This...
The dollar index held steady around 106.4 on Wednesday as investors continued to assess the direction of the Federal Reserve's monetary policy. Data released Tuesday showed a modest increase in U.S. job openings in October, while layoffs declined, indicating worker confidence in the labor market. Traders are now focusing on the ADP private payrolls report on Wednesday and nonfarm payrolls data due Friday for further insight into labor market trends. Federal Reserve Chairman Jerome Powell is also scheduled to speak in New York on Wednesday afternoon. Currently, markets are pricing in about...
Oil prices were steady in Asian trade on Wednesday after rising sharply in the previous session as Israel threatened to strike Lebanon if a ceasefire with Hezbollah fails. However, oil's momentum was halted by industry data showing an unexpected increase in US crude inventories. Sentiment also remained largely uneasy ahead of an OPEC+ meeting on Thursday, where the cartel is widely expected to delay plans to increase output. Still, oil retained some risk premium as Israel and Hezbollah repeatedly violated a recently announced ceasefire. Rising tensions between Russia and Ukraine also kept...
Gold held above $2,640 an ounce on Wednesday as markets continued to assess the political and monetary outlook, while closely monitoring key economic data releases. A recent report showed that U.S. job openings were higher than expected, indicating continued resilience in the labor market. Investors now look ahead to Friday's anticipated nonfarm payrolls report, along with additional speeches from several Fed officials to gauge the central bank's potential policy moves this month. The odds for a 25bps rate cut in the federal funds rate currently stand at 73%, which benefits gold by...
The Australian dollar (AUD) moved lower in response to weak domestic Gross Domestic Product (GDP) growth figures. Given that headline inflation in Australia has eased to the central bank's target range of 2%-3%, slower growth could put pressure on the Reserve Bank of Australia (RBA) to respond with lower interest rates. Furthermore, fresh US export curbs on China, concerns about China's fragile economic recovery, and tariffs to be imposed by US President-elect Donald Trump turned out to be other factors weighing on the China-proxy Australian currency. On the other hand, the US dollar (USD)...
The Japanese Yen (JPY) traded in the negative territory on Wednesday. Upbeat US Manufacturing PMI data and this week's jobs data indicated that the US economy remains strong, which boosted the greenback. However, traders are increasingly convinced that the Bank of Japan (BOJ) will raise interest rates this month. This, in turn, could support the JPY in the near term. Further, ongoing political uncertainty in France, political tensions in South Korea, and rising geopolitical risks in the Middle East could boost safe-haven flows, benefiting the JPY against the USD. Investors will be keeping...
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week. Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel. U.S. West Texas Intermediate crude futures also rose the most since Nov. 18, gaining $1.84, or 2.7%, to close at $69.94 per barrel. Israeli forces have continued strikes against what they say are Hezbollah fighters ignoring last week's truce agreement in...
Gold moved higher mid-afternoon on Tuesday as the dollar weakened. Gold for February delivery was last seen up US$8.50 to US$2,667.00 per ounce. The precious metal has been mostly rangebound since correcting from a record high of US$2,800.80 on Oct.30, as the dollar surged following the U.S. election and inflation remains stuck above the Federal Reserve's 2% target. However the dollar eased early on Tuesday, with the ICE dollar index last seen down 0.35 points to 106.1. Treasury yields were mixed. The U.S. two-year note was last seen paying 4.159%, down 3.3 basis points, while the yield...
Gold (XAU/USD) edged higher to trade around $2,630 on Tuesday (3/12) after comments from a Federal Reserve (Fed) speaker raised the possibility of the Fed cutting interest rates at its December policy meeting. Lower interest rates are positive for Gold as they reduce the opportunity cost of holding non-interest-paying assets. Rising geopolitical risks can also support Gold amid ongoing conflicts in the Middle East, now exacerbated by the outbreak of civil war in Syria, the Russia-Ukraine conflict, and political risks in France. During times of crisis, investors turn to Gold for...
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....