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...
Oil held a decline as traders weighed the impact of the Federal Reserve's interest-rate cut, alongside warnings of mounting US labor market weakness. West Texas Intermediate held steady at $64.13 a barrel, after falling 0.7% the previous day. Brent closed 0.8% lower on Wednesday, as traders had mostly priced in the 25 basis-point cut ahead of the Fed's decision and unwound hedges against a larger reduction. The decline cooled a three-session rally following concerns over oil flows amid Ukraine's attacks on Russian refineries, while oil markets are expected to face oversupply...
The USD/JPY pair recovered from a dip around 146.80 during the early Asian session on Thursday (September 18th). The US dollar (USD) rebounded from a six-week low near 146.00 after the Federal Reserve (The Fed) cut interest rates by a quarter of a percentage point. The Fed decided to cut its benchmark interest rate at its September meeting on Wednesday, the first time since December, and hinted at the possibility of further cuts this year. Fed Chairman Jerome Powell highlighted growing signs of weakness in the labor market to explain why officials decided it was time to cut interest rates...
Oil prices weakened on Wednesday after data showing rising US diesel stockpiles fueled demand concerns and the US Federal Reserve cut interest rates as expected. Brent crude futures closed 52 cents, or 0.76%, lower at $68.22 a barrel, while US West Texas Intermediate crude fell 47 cents, or 0.73%, to $64.05. US crude inventories fell sharply last week, driven by a surge in exports and a sharp decline in imports, according to the Energy Information Administration (EIA) on Wednesday. However, rising distillate stockpiles fueled demand concerns and kept prices in check, analysts said. "It...
Gold prices surged to a record high on Wednesday (September 18) after the Federal Reserve cut interest rates by 25 basis points and signaled steady easing through the end of the year. Spot gold fell 0.2% to $3,681.39 an ounce, as of 2:31 PM EDT (18:31 GMT), after hitting a record high of $3,707.40 earlier in the session. U.S. gold futures for December delivery closed 0.2% lower at $3,717.80. The U.S. dollar continued its decline, making dollar-priced gold more attractive to holders of other currencies. "Gold's recent record highs continue to be a result of expectations for lower interest...
Oil prices weakened after three consecutive sessions of gains as traders assessed the latest US stockpiles data and awaited the Federal Reserve's interest rate decision later Wednesday. West Texas Intermediate (WTI) prices held around $64 per barrel after rising 3.4% in the previous three sessions. The commodity weakened as traders shrugged off the latest US stockpiles data, which showed crude inventories fell by 9.29 million barrels amid a significant increase in exports. However, adjustment factors surged and distillate inventories rose to their highest level since January, adding to the...
The US Dollar (USD) is showing signs of stabilization heading into Wednesday's FOMC, with modest gains against most of the G10 currencies as it attempts to claw back a portion of this week's losses, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. USD clawing back a portion of this week's losses"The moves are lacking any clear catalyst and are suggestive of position squaring into the 2pm ET rate decision. Markets are broadly expecting a well telegraphed 25bpt cut that will need to be accompanied by a statement, forecast, and press conference that will justify...
The British pound held above $1.363, close to its highest in over ten weeks, as traders awaited key central bank decisions. The Bank of England is expected to leave rates at 4% on Thursday while slowing its £100 billion annual bond unwind. The latest data showed that UK inflation remained at 3.8% in August, as expected and matching the 18-month high recorded in July. Additionally, job data showed steady unemployment at 4.7%, wage growth of 4.8% excluding bonuses (4.7% including bonuses), and a slight payroll decline of 8,000, all broadly in line with forecasts. BoE rate-cut bets were...
Oil prices eased on Wednesday, after rising more than 1% in the previous session, though ongoing geopolitical jitters provided a floor for the market, with traders eyeing an expected interest rate cut from the U.S. Federal Reserve later in the day. Brent crude futures were down 33 cents, or 0.5%, to $68.14 a barrel at 0810 GMT, while U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $64.20 a barrel. The benchmarks settled more than 1% higher in the last trading session due to concerns that Russian supplies may be disrupted by Ukrainian attacks. "If the drone...
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....