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 dollar was on the defensive, shares edged lower, and gold scaled new heights on Wednesday as global markets counted down to an anticipated rate cut by the Federal Reserve later in the day and waited on signals around the extent of future easing. The euro surged to a four-year high against the greenback in the prior session on the Fed easing bets, while oil remained firm following Ukrainian drone attacks on Russian refineries and ports. The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy...
USD/JPY's bias favors a bearish breakout, based on technical charts, StoneX's Matt Simpson says in a commentary. The one-hour chart shows the currency pair's bearish momentum quickening into its lows, the senior market analyst notes. The so-called "cumulative volume delta" has stayed deeply negative, signaling most trades were bearish, Simpson says. While market participants should be on guard for near-term bounces of USD/JPY heading into the FOMC decision, the technical bias favours a bearish breakout overall, he says. A daily break beneath 145.75 opens up prospects of a further fall...
Gold held its latest gains that saw it rise above $3,700 an ounce for the first time, boosted by traders' bets for a rate cut at Wednesday's Federal Reserve meeting. Bullion traded less than $10 below its fresh record of $3,703.07 an ounce reached on Tuesday. It's also been buoyed by a softer US dollar, with one gauge hovering around levels last seen in March 2022. A weaker greenback makes gold cheaper for other currency holders. Traders are squarely focused on the outcome of the Fed's rate-setting meeting, where they see a quarter-point cut this week as a...
Gold edges higher in the early morning Asian session on likely position adjustments ahead of the FOMC decision due later today. Market participants are fully pricing in a 25bp rate cut by the Fed, with a slim chance of a 50bp cut, reinforcing demand for the non-interest-bearing asset, Exness's Eric Chia says in an email. They are also awaiting the Fed's quarterly projections and Fed Chair Powell's press conference for signals on the pace of future rate cuts, the financial markets strategist adds. Spot gold is 0.1% higher at $3,694.54/oz. Source: Dow Jones Newswires
Oil steadied after a three-day gain as traders assess the fallout from Ukrainian attacks on Russian crude infrastructure. West Texas Intermediate rose toward $65 a barrel after gaining 3.4% in the previous three sessions, while Brent closed above $68. Ukraine attacked the Saratov refinery in its latest strike on Russian energy facilities, which have helped cut the OPEC+ member's production to its lowest post-pandemic level. The recent gains haven't been enough to push oil out of the $5 band it has been in for most of the past month, buffeted between geopolitical...
The USD/JPY pair remained under selling pressure around 146.45 during the early Asian session on Wednesday (September 17th). The US dollar (USD) weakened against the Japanese yen (JPY) as investors continued to assess the possibility of additional interest rate cuts by the Federal Reserve (The Fed) in the coming months. Investors appear to be unwinding long USD positions ahead of the Fed's interest rate decision on Wednesday. The market fully anticipates the Fed will cut interest rates by 25 basis points (bps) at its September meeting, the first cut since December, with some still expecting...
Gold surged past $3,700 an ounce for the first time on Tuesday (September 16th) as rising bets on a Federal Reserve rate cut this week fueled a rally fueled by safe-haven demand, central bank buying, and a weaker dollar. Spot gold rose 0.2% to $3,687.67 an ounce after hitting a record high of $3,702.95 earlier in the session. U.S. gold futures for December delivery rose 0.1% to $3,724. "Global growth uncertainty and geopolitical risks continue to keep safe-haven demand high, but gold's rally is largely driven by anticipation of aggressive interest rate cuts from the Federal Reserve," said...
Oil prices rose more than a dollar a barrel on Tuesday (September 16th), as traders weighed the possibility of disruptions to Russian supplies from Ukrainian drone attacks on its ports and refineries, and awaited the Federal Reserve's decision on U.S. interest rates. Brent crude futures closed up $1.03, or 1.5%, at $68.47 a barrel. U.S. West Texas Intermediate crude rose $1.22, or 1.9%, to $64.52 a barrel. Transneft, Russia's oil pipeline monopoly, has warned producers it may have to cut production, opens new tab, following Ukrainian drone attacks on key export ports and refineries,...
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....