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...
Gold rose near $2,660 an ounce on Friday, rising for a fourth straight session, supported by a weaker U.S. dollar and rising geopolitical tensions. Reports showed President Vladimir Putin warned of a potential new attack on Ukraine using nuclear-capable ballistic missiles, following Moscow's recent large-scale attacks on critical energy infrastructure. The precious metal is expected to fall more than 2% for the week, as markets await further U.S. data for additional insight into the Federal Reserve's monetary policy outlook. Earlier this week, core PCE prices in October matched...
Oil prices edged lower in Asian trade on Friday and were headed for a weekly loss on expectations of easing tensions in the Middle East, with focus shifting to the upcoming OPEC+ meeting. Crude was hit by the announcement of a ceasefire between Israel and the Lebanese militant group Hezbollah, although whether the truce will hold remains unclear. Escalating tensions between Russia and Ukraine - following a series of debilitating attacks on Kyiv - provided limited support to crude, while overall trading volumes were limited due to the U.S. Thanksgiving holiday. Brent crude futures expiring...
The dollar index dropped below 106 on Friday, on track to lose about 1.5% for the week, marking its first weekly decline in nine weeks. The initial pullback was sparked by the nomination of Scott Bessent as US Treasury Secretary, which provided markets with a sense of stability and eased concerns over drastic policy shifts under the incoming Trump administration. The decline gained momentum on Wednesday after US PCE inflation data met expectations, signaling little change in the Federal Reserve's stance on interest rate cuts. Markets are now pricing in a 66.5% chance of a 25 basis point...
The Japanese yen jumped 1% to around 150 per dollar on Friday, hitting a six-week high as investors reacted to data showing Tokyo inflation rose above 2% in November. The inflation data reinforced expectations for another interest rate hike from the Bank of Japan in December. Markets now price in about a 60% chance of a 25 basis point rate hike next month, up from about 50% a week ago. Tokyo's inflation figures are often seen as a leading indicator of national price trends, with national CPI data usually following in about three weeks. However, national CPI for November will not be...
The Australian dollar (AUD) continued its uptrend for the third straight session on Friday following aggressive comments from Reserve Bank of Australia (RBA) Governor Michele Bullock. However, the AUD/USD pair may face downward pressure as the United States (US) is set to announce additional measures on Monday aimed at curbing China's ability to advance artificial intelligence technology. RBA Governor Bullock said on Thursday that Australia's core inflation is still "too high" to consider cutting interest rates anytime soon. He stressed that there is still progress to be made before...
The USD/JPY pair lost traction around 150.95 during the early Asian session on Friday (11/29). The Japanese yen (JPY) moved higher after Japan's Tokyo Consumer Price Index (CPI) inflation report came in higher than expected for November. Data released by the Statistics Bureau of Japan on Friday showed that the Tokyo Consumer Price Index (CPI) rose by 2.6% YoY in November, compared to 1.8% in the previous month. Meanwhile, the Tokyo CPI ex Fresh Food, Energy rose by 2.2% YoY in November compared to 1.8% previously. The Tokyo CPI ex Fresh Food increased by 2.2% YoY in November, compared to a...
Gold was steady amid thin trading due to the U.S. Thanksgiving holiday, with investors weighing the prospect of a Federal Reserve interest rate cut and rising tensions in Ukraine. Bullion was trading near $2,640 an ounce on Friday and down about 3% for the week after a ceasefire between Israel and Hezbollah reduced some demand for the safe-haven asset. Swap markets are pricing in a more than 60% chance the Fed will ease borrowing costs again next month The market is also monitoring fresh threats from Russia, after President Vladimir Putin warned on Thursday that his forces could strike...
Oil was steady as traders eyed further clues on OPEC+'s output plans after postponing a key meeting for four days. West Texas Intermediate crude futures held below $69 a barrel, while Brent crude settled above $73. The producer group is set to discuss whether to press ahead with a supply restart at a delayed online meeting on Dec. 5, or extend curbs into 2025 to avoid global markets becoming oversupplied Crude has traded in a tight range since mid-October, alternating between weekly gains and losses. Prices have been shaken by volatile geopolitical tensions in the Middle East, waning...
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....