Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
The EUR/USD pair trades in positive territory around 1.0510 during the early European session on Monday. However, the upside for the cross might be limited due to the dovish stance of the European Central Bank (ECB). The ECB decided to cut interest rates for the fourth time this year last week and kept the door open to further easing as the Eurozone economy is weighed by political instability at home and the potential Donald Trump's tariff threats. Later on Monday, traders await the preliminary Eurozone HCOB Purchasing Managers' Index (PMI) for December for fresh impetus, along with the...
Oil slipped after a weekly advance, as lingering concerns about demand in China vied with indications the US may tighten sanctions on supply from Russia. Brent traded above $74 a barrel after rising almost 5% last week, while West Texas intermediate was near $71. China's crude refining dipped to the lowest in five months while two key economic indicators — home sales and consumer spending — also fell. The data out of the top crude importer sent prices somewhat lower. They had earlier held steady after US Treasury Secretary said the US and its allies could...
Silver (XAG/UD) started the new week on a subdued note and consolidated last week's retracement slide from or above one-month highs. The white metal remained close to a two-week low touched on Friday and traded around the $30.55 area, or the 100-day Simple Moving Average (SMA), during the Asian session. From a technical perspective, acceptance below the 100-day SMA will be seen as a fresh trigger for bearish traders against the backdrop of last week's failure near the $32.35 horizontal resistance. Given that oscillators on the daily chart have just started gaining negative traction, XAG/USD...
Gold prices (XAU/USD) moved higher after the Asian session to drop to $2,644-2,643 region, or the lowest level in a week, and for now, seems to have halted its sharp decline from over a month highs reached last Thursday. The US Dollar (USD) started the new week on a weaker note amid a slight decline in the US Treasury bond yields. Moreover, geopolitical risks and uncertainty over US President-elect Donald Trump's policies turned out to be the main factors providing support for the precious metal which is a safe-haven asset. Meanwhile, investors now seem convinced that the Federal Reserve...
The Australian Dollar (AUD) snapped a four-day losing streak on Monday (16/12) as the US Dollar (USD) weakened amid US Treasury yields ahead of the Federal Reserve's (Fed) interest rate decision due on Wednesday. The Fed is widely expected to announce a 25 basis point interest rate cut at its final monetary policy meeting of 2024. According to the CME FedWatch tool, markets are now almost fully pricing in a quarter basis point rate cut at the Fed's December meeting. China Retail Sales (YoY) rose 3.0% in November, compared with a 4.6% forecast and a previous reading of 4.8%. Meanwhile,...
West Texas Intermediate (WTI) oil prices corrected lower after posting gains in the previous session, trading around $70.50 per barrel during the Asian session on Monday (12/16). Crude oil prices rose amid rising expectations of tighter supplies driven by the imposition of additional US sanctions on major producers Russia and Iran. US Treasury Secretary Janet Yellen told Reuters on Friday that the United States was considering further sanctions on "black fleet" tankers and may also impose sanctions on Chinese banks to curb Russian oil revenues and access to foreign supplies, which fueled...
The GBP/USD pair moved up at the start of a busy week and for now, seems to have snapped a three-day losing streak to the 1.2600 handle, or more than a two-week low hit on Friday. The spot currency is trading around the 1.2630-1.2635 range, up 0.10% for the day, although meaningful appreciation seems elusive ahead of the key central bank event risks this week. The Federal Reserve (Fed) is scheduled to announce its policy decision on Wednesday, which will be followed by the Bank of England (BoE) meeting on Thursday. The US central bank is widely expected to lower borrowing costs for the...
Gold prices (XAU/USD) traded flat around $2,650 during the early Asian session on Monday (12/16). However, strong central bank purchases and ongoing geopolitical tensions in the Middle East could support the precious metal in the near term. Investors await the December US Purchasing Managers' Index (PMI) for fresh impetus, due on Monday. Significant demand from central banks lifted the yellow metal. Central banks have been net buyers of gold for nearly 15 years, underscoring its value as a crisis hedge and reliable reserve asset. According to the World Gold Council, the precious metal is...
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....