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...
Silver (XAG/USD) struggled to capitalize on the previous day's modest rebound from the vicinity of monthly lows, around the psychological $30.00 mark and attracted some sellers on Wednesday. The white metal remained pressured through the first half of the European session and is currently trading just below mid-$30.00s, down nearly 0.30% for the day. From a technical perspective, the recent failure near the $32.35 horizontal resistance and a subsequent fall back below the 100-day Simple Moving Average (SMA) favors bearish traders. Moreover, oscillators on the daily chart are holding in...
Gold (XAU/USD) prices remained depressed through the first half of the European session on Wednesday, albeit lacked any follow-through selling and so far, has held above the one-week low touched the previous day. A less dovish Federal Reserve (Fed) outlook remained supportive of the US Treasury bond yields and acted as a headwind for the non-yielding yellow metal. However, the US Dollar (USD) investors seemed reluctant to place any aggressive bets and preferred to wait for the key FOMC decision. Investors will be closely watching the latest economic projections, including the so-called dot...
The Australian Dollar (AUD) extended its decline for the second straight session against the US Dollar (USD) on Wednesday (18/12). Traders are bracing for a potential 25 basis point interest rate cut by the US Federal Reserve (Fed) later in the North American session. The AUD is also facing headwinds as traders increase their bets that the Reserve Bank of Australia (RBA) will cut rates sooner and more significantly than previously expected. However, the upcoming decision will be data-driven, with evolving risk assessments guiding the RBA's approach. The US Dollar (USD) remains solid amid...
The Japanese Yen (JPY) struggled to build on the previous day's modest recovery against its US counterpart and attracted fresh sellers during the Asian session on Wednesday. Data released today showed that Japan's Trade Balance unexpectedly improved in November on strong export growth, although a decline in imports indicated weak local demand. This, coupled with an uncertain economic outlook amid concerns about US President-elect Donald Trump's tariff plans, reaffirmed expectations that the Bank of Japan (BOJ) will keep interest rates steady later this week and weakened the JPY. Meanwhile,...
The U.S. dollar rose against major currencies on Tuesday following better-than-expected retail sales data that pointed to underlying economic momentum as markets braced for interest rate moves from the Federal Reserve and other central banks. Commerce Department data on Tuesday showed U.S. retail sales beat expectations by rising 0.7% in November, supported by a surge in auto and online purchases. Markets expect the Fed to deliver a 25 basis point rate cut at the conclusion of its two-day policy meeting on Wednesday, with futures implying a nearly 97% chance of a cut, according to the CME...
Gold prices were steady in early Asian trading on Wednesday (12/18) as markets awaited the Federal Reserve's interest rate decision, with a rate cut widely expected. The future direction of monetary policy remains uncertain, especially given potential inflationary pressures, FlowCommunity's Ruben Ferreira wrote in a note. Upcoming policy decisions from other major central banks such as the Bank of Japan are among the factors that could influence the precious metal's trajectory in the coming months, Ferreira said. Gold typically has an inverse relationship to interest rates, with higher...
US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $69.70 on Wednesday (12/18). WTI prices moved lower amid fresh concerns about Chinese demand. Investors remained cautious ahead of the US Federal Reserve's interest rate decision on Wednesday. Disappointing Chinese Retail Sales raised concerns about weakening consumer spending in China, the world's largest oil importer. "The bearish momentum generated by the Chinese data has crushed speculators' hopes of breaking out of the upper two-month range," said Robert Yawger, director of energy futures at Mizuho...
The bullish momentum behind the Euro evaporated on Tuesday, dragging the pair back below the 1.0500 level as traders prepare for the Federal Reserve's (Fed) final interest rate decision in 2024. European data was relatively light this week, forcing Fiber traders to navigate a slew of US data. The Euro market largely ignored the appearances of several European Central Bank (ECB) officials earlier in the week, and despite December's European PMI figures beating expectations. The pan-EU Services PMI survey figures remained in contraction as concerns over a deepening economic slowdown in Europe...
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....