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 (XAU/USD) prices moved lower during the Asian session on Thursday (11/28), albeit found some support near the $2,620 area and has now trimmed some of its intraday losses. US macro data released on Wednesday showed a still-resilient US economy and stalled inflation progress, suggesting that the Federal Reserve (Fed) may be cautious about further interest rate cuts. This, in turn, triggered a fresh leg up in the US Treasury bond yields, which helped revive demand for the US Dollar (USD) and undermined the non-yielding yellow metal. Meanwhile, current market pricing suggests around a 70%...
EUR/USD moved lower near 1.0550 during the Asian trading hours on Thursday. The pair's decline could be attributed to the US Dollar (USD) improvement amid cautious sentiment surrounding the Federal Reserve's (Fed) December interest rate decision, following Wednesday's solid inflation data. Markets may witness thin trading due to the US Thanksgiving holiday. The latest US inflation report indicated solid growth in consumer spending in October, but also highlighted stagnation in the progress towards lowering inflation, keeping the Fed on guard. The US Personal Consumption Expenditures (PCE)...
Gold fell below $2,630 an ounce on Thursday (11/28), paring recent gains as investors continued to assess the latest U.S. economic data. Both PCE and core PCE prices showed that inflation has stalled, reinforcing the Federal Reserve's cautious stance on further interest rate cuts. Additional data suggested the economy remains strong, with the release of the second estimate of third-quarter GDP, while employment data pointed to continued resilience in the labor market, with the number of Americans filing for unemployment benefits falling below expectations. The data further limits the Fed's...
Silver price (XAG/USD) extends its losses for the second consecutive day, trading around $29.90 per troy ounce during the Asian session on Thursday. The decline in Silver prices can be attributed to safe-haven flows diminishing amid easing geopolitical tensions in the Middle East. A ceasefire between Israel and the Lebanese armed group Hezbollah was successfully upheld on Wednesday, following a deal mediated by the United States (US) and France. This truce has allowed people in the border areas, devastated by 14 months of conflict, to begin returning to their homes. Source: FXStreet
The Japanese Yen (JPY) weakens slightly against its American counterpart during the Asian session on Thursday and erodes a part of the recent strong gains to a five-week top touched the previous day. In the absence of a fresh fundamental catalyst, the intraday JPY slide is more likely to remain limited amid speculation that the Bank of Japan (BoJ) may hike interest rates again in December. Furthermore, US President-elect Donald Trump's tariff threats and geopolitical risks could underpin the safe-haven JPY. Meanwhile, traders have been dialling back on the so-called "Trump trades"...
The Australian Dollar (AUD) holds steady against the US Dollar (USD) following the release of stronger-than-expected Private Capital Expenditure on Thursday. Australia's total new capital expenditure rose by 1.1% quarter-on-quarter in the third quarter, surpassing market expectations of a 0.9% increase and rebounding from a 2.2% decline in the previous quarter. However, the AUD/USD pair may face downward pressure as the United States (US) is set to unveil additional measures on Monday aimed at curbing China's ability to advance in artificial intelligence technology. Given the close trade...
The dollar index held its recent decline around 106.1 on Thursday, with trading volumes remaining low due to the Thanksgiving holiday in the US. The index fell 0.8% on Wednesday after US PCE inflation data matched expectations, suggesting little change in the Federal Reserve's interest rate outlook. Markets are currently pricing in a 66.5% chance that the Fed will cut rates by 25 basis points in December, up from 55.7% a week earlier. The dollar also faced pressure earlier this week following the nomination of Scott Bessent as US Treasury Secretary, which provided a sense of stability to...
Gold held steady for a second day, as investors weighed the outlook for U.S. interest rates after inflation data that supported the case for a rate cut next month. Bullion traded near $2,635 an ounce, with pressure on the metal easing as the U.S. dollar rally lost steam. The U.S. dollar, which gained after President-elect Donald Trump's victory, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers. Traders also weighed Wednesday's core personal consumption expenditures price index — the Federal Reserve's...
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....