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...
Silver futures prices have risen again above $41 per ounce, their highest level since August 2011, as signs of a easing US labor market strengthen expectations of a Fed interest rate cut this year. The US economy added fewer jobs than expected in August, while the unemployment rate rose to its highest level since 2021, extending a string of weak data including ADP private payrolls, JOLTS job openings, and weekly jobless claims. Traders are now looking ahead to this week's US inflation report, with the market fully anticipating a 25 basis point interest rate cut later this month and some...
The US dollar traded lower against the Swiss franc for the second consecutive day on Monday (September 8). A weak payrolls report released on Friday continued to weigh on the US dollar, as investors increased their bets on a Federal Reserve interest rate cut in the coming months. US non-farm payrolls data confirmed a sharp slowdown in job creation in August, with only 22,000 new jobs added, below market expectations of 75,000. Furthermore, June's data was released at -13,000, marking the first net decline in employment since the peak of the pandemic in 2020. These figures virtually confirm...
Oil prices rose more than $1 on Monday (September 8), recovering some of last week's losses, after an OPEC+ production increase appeared to moderate and amid concerns over possible further sanctions on Russian crude. OPEC+ signaled plans to increase production further starting in October, but the amount was lower than some analysts had anticipated. Reuters reported earlier this month that members were considering another increase. "The market has reacted too quickly to this OPEC+ production increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we are seeing a classic...
Gold prices rose to a record high on Monday (September 8th), breaking through the key $3,600 level after weak US employment data reinforced expectations of an interest rate cut by the US Federal Reserve at its meeting next week. Spot gold prices rose 0.7% to $3,612.20 per ounce, as of 08:41 GMT. Bullion prices rose to a record high of $3,616.64 earlier in the session. Bullion prices have surged 37% so far this year, extending their 27% rise in 2024, driven by a weaker dollar, strong central bank buying, a weak monetary policy environment, and geopolitical and economic uncertainty. US gold...
The EUR/USD pair strengthened, trading near 1.1715 at the open of the European session on Monday (September 8th). The common currency received support from a weakening US dollar following Friday's poor US Nonfarm Payrolls (NFP) report, although the likely collapse of the French government kept the eurozone optimistic. The NFP confirmed a deteriorating US labor market, with the weakest growth since 2021 and a higher unemployment rate. The data virtually confirmed market expectations for an interest rate cut at next week's Federal Reserve (Fed) meeting and re-raised the possibility of a 50...
The pound was virtually unchanged on Monday (September 8th), after posting its biggest one-day rally against the dollar in two weeks on Friday, following surprisingly weak US jobs data that had reinforced expectations of a US interest rate cut this month. The pound was last unchanged on the day at $1.3513, having strengthened 0.5% on Friday, when the dollar came under heavy pressure following the August nonfarm payrolls report showing just 22,000 jobs created last month and far fewer in previous months. Traders are fully pricing in a quarter-point interest rate cut from the Federal Reserve...
The Silver price ( XAG/USD) trades in negative territory around $40.65 during the early Asian session on Monday. The white metal retreats from the 14-year-old amid the prospect of a US Federal Reserve (Fed) rate cut. The expectation for lower Federal Reserve (Fed) interest rates this year will drag the US Dollar (USD) lower and boost the Silver price. After Friday's downbeat US jobs report, a total of three 0.25% rate cuts from the US central bank are now expected yet this year. Lower interest rates could reduce the opportunity cost of holding Silver, supporting the non-yielding white...
Gold held firm near an all-time high on Monday, inching closer to a key $3,600 level, bolstered by mounting expectations of a U.S. Federal Reserve rate cut this month following a weaker-than-expected jobs report last week. Spot gold was flat at $3,586.81 per ounce, as of 0121 GMT. Bullion rose to a record high of $3,599.89 on Friday. U.S. gold futures for December delivery fell 0.7% to $3,626.10. "The main driver is U.S. jobs data and the expectations now that the Fed could cut by 50 basis points in September. It's a marginal chance but a material shift from before the jobs figures,"...
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....