The euro continued to decline against the US dollar for the third consecutive day, driven by a strengthening dollar amid hopes that the US government shutdown would soon end. Furthermore, market expectations of a possible trade deal between the US and China also boosted demand for the dollar as a safe haven asset. Meanwhile, investors in Europe are still awaiting guidance from European Central Bank President Christine Lagarde regarding the direction of future interest rate policy. The market is also monitoring the impact of the Russian gas import ban on inflation in the eurozone. Although...
Oil jumped after a report that Iran could be preparing to attack Israel from Iraqi territory in the coming days, jolting the market's attention back to a potential flare-up of Middle East hostilities. Brent surged as much as 2% to trade above $74 a barrel on Friday, while West Texas Intermediate rallied toward $71. Iran is planning a strike through militias it backs in Iraq, which is expected to be carried out with drones and ballistic missiles, Axios reported, citing two Israeli sources it didn't name. Oil tumbled at the start of the week after a limited Israeli attack on...
The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday. The major pair edges lower after the UK Labour government announced its first Autumn Forecast Statement on Wednesday. The US inflation, as measured by the Personal Consumption Expenditure Price Index (PCE), grew at a slightly faster-than-expected pace in September. Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that the headline PCE rose 2.1% YoY in September, compared to 2.2% in August, in line with the market consensus of...
Gold was steady after its biggest one-day drop since July, as traders took profits near record-high levels and strong US data weakened the case for further monetary easing. Bullion traded near $2,745 an ounce and was on track to end this week little changed. The metal fell from a record-high on Thursday as Treasury yields climbed, reflecting a drop in expectations for aggressive Federal Reserve interest-rate cuts following an unexpected drop in new jobless claims and a pick up in underlying inflation. Higher rates tend to weigh on gold, which...
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....