Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
Brent crude rose more than 2% to above $78.50 a barrel on Friday, hitting its highest since October, boosted by a draw in U.S. crude stockpiles. Cold weather in the U.S. reduced inventory levels at Cushing, Oklahoma, to the lowest since 2014. Global oil markets are tight due to reduced supplies from major exporters such as Russia and Iran, as well as a surge in demand for heating fuel. The rise in oil prices is also linked to concerns about U.S. policy under President-elect Donald Trump, including potential sanctions on Iran and a trade conflict that could disrupt energy flows. Trump's...
The U.S. dollar rose on Friday, holding onto recent gains ahead of the highly influential monthly jobs report, while the pound continued to weaken. At 4 AM ET (0900 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% higher at 109.040, heading for a weekly gain of 0.3%. That would be its sixth straight weekly gain, the longest winning streak since an 11-week streak in 2023. Dollar holds strength ahead of payrolls announcement The dollar was trading near its strongest level since November 2022, holding onto recent gains as the U.S....
EUR/USD is trading quietly around 1.0300 during the European session on Friday. The major currency pair is trading cautiously as investors await the United States (US) Nonfarm Payrolls (NFP) data for December, due to be published at 13:30 GMT. Investors will be watching the official US jobs report as it will influence market expectations about when the Federal Reserve (Fed) will deliver its first interest rate cut this year. Economists expect 160,000 new workers to be added to the labor force in December, down from 227,000 in November. The Unemployment Rate is expected to remain steady at...
Gold (XAU/USD) prices extended its uptrend for the fourth straight day and climbed to four-week tops, around $2,678-$2,679 area during the early European session on Friday. Ongoing geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East, along with fears of a trade war and a generally softer risk tone, turned out to be key factors supporting the precious metal as a safe-haven. Further, expectations that Trump's expansionary policies will boost inflation further benefitted the precious metal's status as a hedge against rising prices. Source: FXStreet
The Australian Dollar (AUD) extends its losses for the fourth consecutive day against the US Dollar (USD), with the AUD/USD pair hovering near two-year lows on Friday. The AUD receives downward pressure as the ANZ is now forecasting a 25 basis points (bps) rate cut by the Reserve Bank of Australia (RBA) in February. Traders are now focused on US labor market data including Nonfarm Payrolls (NFP), for additional policy direction insights. The AUD found no support from China's latest inflation data, which highlighted increasing deflationary risks. China's Consumer Price Index (CPI) increased...
The Japanese Yen (JPY) ticks higher in reaction to comments from Japan's Economy Minister Ryosei Akazawa during the Asian session on Friday, albeit it lacks bullish conviction amid the Bank of Japan (BoJ) rate hike uncertainty. Data released earlier today showed that real household spending in Japan fell for the fourth month in November and pointed to an economic fragility. This gives the BoJ another reason to be cautious about raising interest rate hikes further, which might continue to undermine the JPY. Furthermore, the US-Japan bond yield differentials have widened significantly over...
ilver price (XAG/USD) continues its rally after registering little losses in the previous session, trading around $30.20 per troy ounce during the Asian hours on Friday. Traders are now focused on US labor market data including Nonfarm Payrolls (NFP), for additional insights into the Federal Reserve's policy direction.The precious Silver, often considered a safe-haven asset, gains support amid uncertainty surrounding inflation and potential tariffs under President-elect Trump's administration, as highlighted by the US Federal Reserve (Fed). However, the upside of the non-yielding metal...
The USD/CHF pair gains traction to around 0.9115 during the early European trading hours on Thursday, bolstered by the stronger US Dollar (USD). The cautious stance of the Federal Reserve (Fed) and solid US economic data provide some support to the pair. Traders will monitor the Fedspeak on Thursday for more cues about the US interest rate outlook this year. Investors scaled back rate cut bets, with pricing a less than 50% chance the Fed cuts rates ahead of its June meeting, according to the CME FedWatch Tool. "With the Federal Reserve expected to cut rates less than most other major...
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....