Crude futures recover more of last week's losses as continued fighting between Russia and Ukraine keep alive expectations of greater U.S. sanctions and supply disruptions. An Israeli air strike targeting the Hamas leadership in Qatar also raises geopolitical risk in the Middle East, Jorge Leon, Rystad's head of geopolitical analysis, says in a note. "Recent diplomatic initiatives led by the U.S. and Qatar have been dealt a major setback," he says. Much could depend on the response of Qatar, a close U.S. ally and Gulf Cooperation Council member, he adds. "Any fallout could amplify tensions...
Gold (XAU/USD) is edging higher on Tuesday after finding strong support near the $3,350 region, reversing an earlier pullback. The yellow metal had been drifting lower through the European session, struggling to extend Monday's rebound amid a firmer risk tone and a modest uptick in US Treasury yields. However, buyers stepped in near the 50-day Simple Moving Average (SMA), lifting prices off intraday lows. The recovery is being supported by continued weakness in the US Dollar, as markets maintain a strong conviction that the Federal Reserve will cut rates in September. At the time of...
Oil prices slipped lower Tuesday, continuing recent losses as traders fretted over increased production and deteriorating demand amid increased global economic headwinds. At 08:05 ET (12:05 GMT), Brent oil futures for September fell 0.8% to $68.21 a barrel and West Texas Intermediate crude futures fell 1% to $65.65 a barrel. Both contracts fell by more than 1% on Monday to settle at their lowest in a week. Oil battered by oversupply concerns, demand fears The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, over the weekend agreed to hike production by...
Gold futures retreat on rising risk-sentiment, though they remain higher on week. Futures are down 0.6% at $3,407.0 a troy ounce, though they remain up around 2.5% on week following Friday's weaker-than-expected U.S. jobs report. The precious metal has come under pressure from a more stable dollar and improved risk appetite after Nonfarm Payroll data prompted an initial flight to safety, Exness analysts say in a note. Still, gold could remain supported by increasingly dovish monetary policy expectations, Exness' Van Ha Trinh says in a note. The disappointing data and significant downward...
The USD/JPY pair trades 0.35% higher to near 147.70 during the European trading session on Tuesday. The pair gains after attracting significant bids after refreshing the 10-day low around 146.60 earlier in the day. An underperformance by the Japanese Yen (JPY) has contributed significantly to a decent recovery move in the pair. The Japanese currency trades weakly even as the minutes of the Bank of Japan's (BoJ) June monetary policy meeting signal that officials are confident about raising interest rates further by the year-end. The support for further policy tightening from BoJ...
Dollar steadied Tuesday, consolidating after its payrolls-inspired losses, with traders weighing up the potential for more Federal Reserve rate cuts along with a slowing economy. At 04:15 ET (08:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.2% to 98.765, after falling to a one-week low earlier in the session. Dollar steadies after payrolls hit The greenback was hard hit after the disappointing July jobs report at the end of last week prompted traders to swiftly price in rate cuts next month. Traders are now pricing in an over...
Oil was little changed on Tuesday as traders assessed rising OPEC+ supply and worries of weaker global demand, against U.S. President Donald Trump's threats to India over its Russian oil purchases. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. Brent crude futures were down 36 cents, or 0.5%, to $68.40 a barrel at 0910 GMT, while U.S. West Texas Intermediate crude slipped 41 cents to $65.88....
Gold prices steadied on Tuesday, hovering near a two-week high hit in the last session, as softer U.S. jobs data bolstered hopes of a rate cut in September and weighed on the dollar, and Treasury yields. Spot gold was trading at $3,369.25 per ounce, as of 0629 GMT. Bullion hit its highest since July 24 on Monday. U.S. gold futures was unchanged at $3,423.20. The yield on the benchmark 10-year Treasury note also hit a one-month low. "Short-term momentum has improved for the bullish side of the story... fundamental narrative supporting gold prices is that the Fed is still in the mode to...
Oil prices weakened on Tuesday (August 5th) on concerns about oversupply as OPEC+ continued significant production increases despite a weak demand outlook. This increase was more than enough to offset potential tightening of the Russian oil trade due to US policy. Brent crude futures fell 11 cents, or 0.16%, to $68.65 per barrel at 04:24 GMT. US West Texas Intermediate crude futures fell 12 cents, or 0.18%, to $66.17 per barrel. This was the fourth consecutive decline for both contracts, which had previously fallen more than 1% in the previous session and hit their lowest levels in a week....
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....